Lending stalls as RBA releases bleak figures
Figures released by the Reserve Bank of Australia (RBA) show a contraction in business borrowing and an increasingly weakened home loan sector, which has fallen to its weakest annual level ever recorded.
The RBA figures show that total credit available in the private sector decreased by 0.1 per cent in June on the back of a 0.3 cent rise in May. The year has a growth in total credit of 2.7 per cent.
The RBA has also released its review into business credit, finding a contraction of 0.7 per cent in Jun e after recording a 0 per cent growth in May.
Personal loans had also slumped, falling 0.4 per cent in June after a 0.1 per cent contraction in May.
More information can be found on the RBA website here