Australia lending at record high
14 November 2015 by News Desk
The economy of Australia continues to grow despite the ongoing sluggish performance of other leading countries.
A raft of new reports shows that employment growth in Australia remains strong, consumer confidence is rising and business conditions are sound with record levels of investment by Australian businesses.
And if businesses are investing it means more jobs will be created and economic growth will continue to pick up.
The total number of new loans – for personal, business, housing and lease use – increased by 6.4% in September to a seven year high of $75.3 billion, the biggest monthly rise in lending in eight months.
The total number of home loans increased by 3% in September and over the past 12 months have risen by 22.9%. The average home loan across Australia is $379,400, a rise of 15.4 % compared to 2014 and is the fastest pace of growth in 12 years, according to the Australian Bureau of Statistics.
In the Commercial sector the total value of commercial loans increased by 9.5% in September. Revolving credit commitments rose by 8.7% while fixed lending commitments rose by 9.8%. Business loans are up 14.1% over the year.
