The Reserve Bank of Australia (RBA) reports an increase of 2.8 percent in total credit made available by financial institutions over the year to July.

The RBA's financial aggregates report released Tuesday shows a housing credit increase of 0.5 percent in July. For the 12 months to July, housing credit increased by 8.1 percent

An increase of 0.4 percent for housing credit was noted in June. The credit rise in July was attributed to growth in lending to both owner-occupiers and investors.

Other personal credit over July, according to the report, remained flat after a 0.3 percent drop in June. The other personal credit increased by 3.2 percent for the 12 month period.

The credit line was reported to be weak in the business sector. A decrease of 0.4 percent for business credit was noted over July. The drop follows a fall of 0.1 percent over June. Business credit slid by 5.0 percent for the entire period.

A 0.9 percent increase in M3 and a 0.8 percent rise in broad money was seen over the month of July. The report shows a 4.0 percent growth in broad money for the 12 months to July.

The RBA figures are seasonally adjusted.