Separate releases from Australia and South Africa showed borrowing momentum moderating as elevated interest rates, inflation and weak economic conditions restrained households and businesses. Australia’s private-sector credit rose 0.6% in July, below the 0.7% forecast, with annual growth slowing to 4.8% from 5.1%; South Africa’s growth eased to 7.41% year on year from a revised 7.8% in June. In Australia, housing, personal and business credit rose 0.5%, 0.7% and 0.8%, respectively, while the Reserve Bank of Australia’s cash rate stood at 4.35%. Australia’s Melbourne Institute Monthly Inflation Gauge rose 0.5% month on month in August 2026, down from 1.0% previously, and annual inflation eased to 3.5% in July but remained above the RBA’s 2–3% target. In South Africa, the South African Reserve Bank has held its repo rate at 8.25% since May 2023, while first-quarter 2024 economic growth was 0.6%. The data may support eventual rate cuts, but both central banks remain focused on inflation and other economic risks.