It seems that there would be a fourth consecutive rise in benchmark interest rates during next month's meeting of the central bank, despite the fact that there was a bigger-than-expected decline recorded in new housing finance commitments during November 2009, as has been confirmed by economists.

For the month of November housing finance commitments for already owner-occupied homes slipped by 5.6%, seasonally adjusted, to 59,516. The figures have been confirmed by the Australian Bureau of Statistics.

"It was weaker than I was expecting, although it was not a complete surprise to see lending growth slow. It would be (that) first home buyers are being priced out of the market with the grants winding up", said ICAP Economist Adam Carr.

As per estimates pegged by the analysts, a fall of mere 0.5% was being expected for November.

"I don't think the RBA is going to be worried about this number, not at all. I certainly don't think it will rule out a rate hike in February", said Mr. Carr.