The Australian Bureau of Statistics released its home loans data on Wednesday. Home loans in Australia dropped 3.9% in January, missing expectations for a 2.3% decline, after 2.7% increase in December. December's figure was revised up from a 2.6% rise.

The value of owner occupied loans plunged at a seasonally adjusted 4.3% in January, investment lending decreased 1.6%, while the number of loans for the construction of dwellings slid 2.8%.