Get notifications in real-time for staying up to date with content that matters to you.
Private sector borrowing has contracted for the first time since the early 1990s fuelled by nervous businesses who are unwilling or unable to take on debt.
Figures released by the Reserve Bank on Friday showed private sector credit contracted by 0.3 per cent in December. A 1.1 per cent plunge in business borrowing was behind the slump – fuelling concerns that businesses will be unable to maintain jobs in the months ahead.
Private sector credit growth now sits at an annual rate of 6.7 per cent, its weakest pace in over a decade and more than half the peak of 16.4 per cent reached in 2007.
Who do you aggregate through?
Thank you for your vote, you can see the results here.
Major bank hikes fixed rates amid turnaround time debacle
A big four bank has announced that it has increased its fixed rat...
Government overstates JobKeeper uptake
A “reporting error” identified by Treasury and the ATO has re...
Loan Market sees surge in repricing enquiries
While refinancing has been rising recently, Loan Market’s execu...
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of The Adviser.
Receive breaking news direct to your inbox each day
