Lending to Households Improves in February as Business Credit Sluggish: CCIQ

Tuesday 9 April, 2019 | By: Dan Petrie

Loans to household rose by 2.6% in February as commitments to business loans remain subdued over the same period according to the latest data released by the Australian Bureau of Statistics today.

The Chamber of Commerce and Industry Queensland (CCIQ) notes that the latest lending data revealed that excluded refinancing applications, lending to households in Queensland improved 1.7% and were down 12% on the same period a year ago.

CCIQ Head of Media and Industry, Dan Petrie said the month on month improvement is the first positive read in six months following a trend of contraction since the June last year.

“The Royal Commission into the banking system and the final wring out of APRA prudential measures have most certainly had an effect on suppressing demand.

“Given the moderation seen in house prices in the last six months the latest data, whilst not the strongest read, is still welcome,” Mr Petrie said.

Nationally, the business credit data which is not broken down to a state level showed a decrease of 2.4% in the value of loans to business in February.  

“Business credit remains one the key roadblocks facing the Australian economy and mirrors the depressing level of business sentiment across the state” Mr Petrie said.

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