To the relief of borrowers, the economy appears to be showing signs of softening ahead of the Reserve Bank's first rate decision of the year as growth in spending and home loan values decelerates. The Australian Bureau of Statistics' lending data released on Friday shows the value of new loans has continued to rise, but at a slower rate. NAB economists say this result "plays to the view of financial conditions not being especially restrictive from the perspective of new lending demand". "In terms of flow through to the broader economy, housing momentum if sustained would act to support consumer spending in 2024, adding to notions…
