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CONSUMER CREDIT IN AUSTRALIA DURING THE 20TH CENTURY Pierre van der Eng School of Management, Marketing and International Business College of Business and Economics Copland building 24 The Australian National University Canberra ACT 0200 Australia Fax +61 2 6125 8796 E-mail: pierre.vandereng@anu.edu.au

Working Paper No: 489 ISBN: 0 86831 489 7 January 2008 JEL codes: D14, E21, E51, G23, N27 Keywords: Consumer Credit, Finance, Household Expenditure, History, Australia

Consumer credit in Australia during the 20th century
Pierre van der Eng1

School of Management, Marketing and International Business, Australian National University, Canberra, Australia
Abstract This article surveys the growth of consumer credit in Australia during the 20th century, particularly after World War II. Until the 1970s, the regulation of Australia’s financial market caused formal consumer credit to be provided mainly by finance companies under hire-purchase contracts, largely for the purchase of cars and household durables. Deregulation of the financial market since the 1960s allowed banks to gain a dominant share in the market for personal loans. Quantification of long-term trends is difficult, but broad estimates suggest sustained growth in per capita indebtedness during 19452007. JEL classifications: D14, E21, E51, G23, N27 Key words: consumer credit, finance, household expenditure, history, Australia

Introduction Living standards improved considerably in Australia during the 20th century. Households were increasingly able to overcome liquidity constraints and purchase an ever greater number and range of consumer durables, including furniture, refrigerators, washing machines, radios, televisions and cars. These were often items for which they lacked finance in terms of current income and/or accumulated savings. Still, households were able to purchase them, due to the

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