Demand for business loans rising

Monthly demand for new business loans continues to pick up, albeit slowly. On a seasonally adjusted basis, new lending increased eight per cent in August over July, to A$34.5 billion.

On a trend basis, lending increased by two per cent in the month. Over a year, lending is up by 30 per cent, on a seasonally adjusted basis, and by 14 per cent of a trend basis.

Monthly business lending is now back to levels reported in the autumn and winter of 2008, or just before the most severe phase of the financial crisis.

Source: Banking Day