Business credit down on last year
(2 September 2009 – Australia) The latest RBA financial aggregates have revealed that business credit has, for the first time since the start of the credit crisis, fallen compared with the same time 12 months ago.
While business credit has recorded consecutive monthly falls since February this year, yearly growth has previously been positive, albeit diminishing.
The July 2009 RBA financial aggregates show that business credit fell by 0.7 percent when compared with the same time last year.
Business credit fell 0.3 percent during the month, the sixth consecutive decrease in credit to businesses.
Seasonally adjusted business credit sits at A$737 billion in July 2009.
While below historic highs, housing credit is performing well in the current market, with this month’s growth of 0.6 percent and an increase of 7.3 percent over the last 12 months.
The growth mainly comes from owner-occupier credit, with investor housing credit growing at a reduced rate, albeit still growing.
Total credit grew by 0.2 percent over the month, a three percent year-on-year increase to A$1918.1 billion.
The July 2009 RBA financial aggregates show that business credit fell by 0.7 percent when compared with the same time last year.
Business credit fell 0.3 percent during the month, the sixth consecutive decrease in credit to businesses.
Seasonally adjusted business credit sits at A$737 billion in July 2009.
While below historic highs, housing credit is performing well in the current market, with this month’s growth of 0.6 percent and an increase of 7.3 percent over the last 12 months.
The growth mainly comes from owner-occupier credit, with investor housing credit growing at a reduced rate, albeit still growing.
Total credit grew by 0.2 percent over the month, a three percent year-on-year increase to A$1918.1 billion.
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