Household credit growth is weak but this is very much linked to still-high household debt as a percentage of disposable income. 3 Meanwhile, the credit extended to corporates has in fact accelerated since interest rates have risen, and averaged 13 per cent over the past year.
4 Such indications add to other evidence that interest rate hikes have not been the primary constraint to growth outcomes over the period. Unusually severe shocks – including the strikes in 2014, electricity shortages in 2015, and the drought in the past two years – have hit  2  This is the change from June 2015 to July 2016.