‘Australians continue to be cautious about borrowing, with the value of personal finance falling 1.6% in seasonally adjusted terms in November to A$5.68 billion, official figures published Thursday show.

The decline in personal finance comprised a 0.3% fall in revolving credit and a 3.3% fall in fixed lending, the ABS said in a statement posted on its Web site.

“The new era of consumer conservatism is showing no signs of ending,” Commsec equities economist Andrew Mitchell said.

“Australians are saying no to debt, shunning new loans and repaying existing commitments.’

Read more at Australian Personal Finance Down 1.6% In Nov

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