Total credit extended to the Australian private sector climbed a seasonally adjusted 0.1 per cent in November, against a decline of 0.1 per cent in October, data released by the Reserve Bank of Australia revealed.

Lending provided to the housing sector gained 0.7 per cent during the same month, as credit to owner-occupiers plus investors grew significantly.

Over the year to November, total credit jumped 0.8 per cent, while house credit rose 8.1 per cent.

However, business credit declined 1.0 per cent over November and 8.2 per cent over the year to November.

Australian economy performed more robustly as compared with the other developed economies of the world.