Australian Private Sector Credit (Aug MM) 0.6% vs. Exp. 0.5% (Prev. 0.6%)

The split that matters is housing credit versus business credit, since persistent housing-led growth feeds concerns about household leverage and has on past occasions fed into the RBA's financial stability commentary, while business credit strength reads more directly onto investment intentions. RBA policy in recent cycles has been framed primarily around inflation and the labour market, with credit aggregates informing rather than driving the rate decision, so the transmission here runs through the medium-term growth narrative rather than the near-term meeting pricing. Worth noting is whether the pace is sustained across consecutive prints, as a run of firm readings has tended to matter more than any single month. AUD reaction to this series has typically been fleeting unless the miss or beat is several tenths.