There was a smaller-than-expected rise in the number of loans provided to the private sector in October.
Figures from the Reserve Bank show a rise of just 0.1 per cent in private sector credit last month, bringing the annual rate of growth to 3.8 per cent.
Housing and personal loans increased but, business credit fell by 0.3 per cent.
RBC economist Michael Turner says the figures build the case for an official interest rate cut at next Tuesday's Reserve Bank board meeting.
"There will be some lags associated with the more recent moves, but the reaction in housing finance for example has been muted thus far," he wrote in a note on the data.
"With the exchange rate remaining high and fiscal policy tightening at all levels of government, we have long had the view that rates would need to do the heavy lifting in supporting demand."