August lending growth fastest annual pace since 2008

30 September 2022

 

Summary: Private sector credit up 0.8% in August, greater than 0.6% expected; annual growth rate accelerates from 9.1% to 9.3%; fastest annual pace since October 2008; business loans account for over 55% of net growth. The pace of lending to the non-bank private sector by financial institutions in Australia followed a steady-but-gradual downtrend from late-2015 through to early 2020 before hitting what appears to be a nadir in March 2021....

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