The RBNZ released its monthly credit aggregates data, which showed that New Zealand household borrowing hit an annual growth rate of 8.7% in December:
Most of this growth in debt was driven by mortgages, which has retraced slightly to 9.1% in the year to December 2016:
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In nominal dollar terms, the growth in New Zealand household debt in the 2016 calendar year hit an all-time high $19,818 million, surpassing the pre-GFC (2007) peak of $18,148 million:
Again, this growth was driven by mortgage borrowings, which hit an all-time high $19,184 million, surpassing the pre-GFC (2007) peak of $17,476 million:
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No doubt the RBNZ will be uncomfortable with this data.
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