Business loans fall 14.7 per cent, ABS survey shows

Posted on April 14, 2009, 7:59 am, by admin, under Mortgage News.

COMMITMENTS to lend to businesses fell by 14.7 per cent to a 42-month low in February.

The seasonally adjusted figures from the Australian Bureau of Statistics today confirmed the downtrend, which began with a steep slide in the early months of last year.

At $25.1 billion in February, commitments were down by 43.4 per cent, or $19.2 billion per month, from a year before.

The weakness in business lending was compounded by a marginal fall of 0.2 per cent in personal finance commitments, which in February were down by 11.5 per cent ($840 million per month) from February 2008.

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