If the lack of growth in credit was a result of a lack of supply, we would expect to see an increase in the price of credit. In contrast, we see a decline in the spreads, which points to a situation of a lack of demand for credit.
[2]  Graph 2  Graph 3  The spot market for Australian dollars The Reserve Bank's various policy measures – including the bond purchase program – have also had an influence on the value of the Australian dollar.