ABS: Business loans drive total
(15 July 2009 – Australia) A rise in business finance has pushed total loan commitments in Australia up for the month, according to ABS lending data for May 2009.
The seasonally adjusted figures show the strongest gains in any category this month coming from commercial finance commitments, up 4.03 percent in the month.
The business lending results are a vast improvement on last month; lending figures for the month of April showed commercial finance commitments drop 12.8 percent.
Given the drop off in business finance being provided in the past year, commercial commitments have fallen from over 65 percent of all finance in May 2008 to just less than 55 percent of total lending finance commitments; in this May 2009 ABS report.
Of these seasonally adjusted figures, only secured housing finance for construction and purchase of dwellings also saw an increase, up 2.3 percent.
The smoothed trend figures show growth dominated by finance for new and existing dwellings, with a staggering increase of 33.8 percent in the year to May.
In the smoothed results, commercial finance is up just 0.41 percent for the month, but down considerably in the year to May, by 16.3 percent.
The business lending results are a vast improvement on last month; lending figures for the month of April showed commercial finance commitments drop 12.8 percent.
Given the drop off in business finance being provided in the past year, commercial commitments have fallen from over 65 percent of all finance in May 2008 to just less than 55 percent of total lending finance commitments; in this May 2009 ABS report.
Of these seasonally adjusted figures, only secured housing finance for construction and purchase of dwellings also saw an increase, up 2.3 percent.
The smoothed trend figures show growth dominated by finance for new and existing dwellings, with a staggering increase of 33.8 percent in the year to May.
In the smoothed results, commercial finance is up just 0.41 percent for the month, but down considerably in the year to May, by 16.3 percent.
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