Private sector credit slows in January

The value of loans outstanding to the private sector grew at a slower pace in January, data out of the Reserve Bank of Australia shows.

The central bank's financial aggregates for January show total credit increased by 0.4 per cent, after increasing by 0.5 per cent in December.

In the 12 months to January total growth came in at 4.1 per cent, a slight increase on the 3.6 per cent rise in the previous year.

Personal credit grew by 0.1 per cent in January, after lifting by 0.2 per cent in December.

Business credit rose 0.2 per cent in the month after increasing 0.4 per cent in December.

Housing credit grew by 0.6 per cent in January after an identical increase in December.