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Banks blamed for weak building approvals

Staff Reporter 1 minute read

The major banks have come under scrutiny for tightening lending criteria too far after ABS data yesterday revealed a significant collapse in new dwelling approvals.

New home approvals fell 3.7 per cent in January- the seventh consecutive monthly decline – with units falling a hefty 15.4 per cent.

Aaron Gadiel, CEO of property development industry group Urban Taskforce, said the big banks needed to take responsibility for the grim result.

“Despite benefitting from sweeping government guarantees – banks are refusing to lend for development projects,” he said.

Meanwhile banks’ credit policies for small businesses will be the topic of a summit to be held in Melbourne today on concerns that small businesses – the backbone of the economy – are also struggling to raise funds.

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Banks blamed for weak building approvals
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