The credit growth rate is growing - mostly on the back of accelerations in business credit and (to a much lesser extent) investor housing.
But before we get to the growth rates, let's have a quick look at the raw aggregates. And I should point out that there is no data for the investor housing and owner-occupied housing aggregates prior to 1990 (so ignore those pre-1990 zeros).
And on to the growth rates ... starting with some summary charts ...
The last three months has seen some growth in credit growth (below). What I like about this growth is that it is driven by an acceleration in credit to the business sector while the (less productivity enhancing) housing sector is growing at a historically low rate.