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Small business lending has slumped to an annualised growth rate of eight per cent, according to the RBA’s latest quarterly Statement on Monetary Policy.
The result is down from 17 per cent six months ago.
Variable interest rates on large business loans had increased by 15 basis points by the end of April, the report revealed.
Small business loans also rose by 24 basis points – causing pain for commercial borrowers that have been hit by the double whammy of tighter lending standards and a reduction in consumer demand.
Published: 12-08-08
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