Australia's new home loans saw a record drop in the September quarter, with investment loans plunging over 30%

1. The Australian Bureau of Statistics announced on Wednesday that the total amount of new home loans in the September quarter fell by 15.5% to 81.16 billion Australian dollars (approximately $55.6 billion), marking the third consecutive quarterly decline and the largest quarterly drop since statistics began at the end of 2002. The number of loans fell by 15% during the quarter.2. In detail, owner-occupier loan amounts fell by 5.3%, while investment property loan amounts dropped sharply by 32.3%. The Australian Bureau of Statistics stated that the overall decline was mainly driven by investor retreat.3. Rising borrowing costs and proposed investment tax reforms have weakened demand for home loans. The latest data again shows that interest rate hikes are slowing Australia's economic growth.