Low consumer and business sentiment and a weakening economy were reflected in a downturn in finance activity in August.
According to the ABS, commercial finance sank by 7.9 per cent in August compared with last month, seasonally adjusted, to $29.571 billion – a significant 35 per cent slide compared to August 2007.
Personal finance activity also continued to decline in August, falling by 5.2 per cent to $6.240 billion on the previous month.
However the August figure was only 4.4 per cent down from the previous year.
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