- Overall business credit applications rose 1.6% (vs September quarter 2014)
- Business loans (+1.8%) and asset finance applications (+6.7%) grew, trade credit weakened (-2.2%) (vs September quarter 2014)
- NSW’s position as a strong economic performer evidenced in business credit growth
The Veda Quarterly Business Credit Demand Index, measuring applications for business loans, trade credit and asset finance, grew moderately by 1.6% in the September 2015 quarter. Asset finance applications grew (+6.7%), business loans grew (+1.8%), and trade credit declined (-2.2%) in the September quarter 2015 compared to the September quarter 2014.
The Veda Business Credit Demand Index has historically proven to be a lead indicator of how the overall economy is performing. Veda’s data continues to indicate moderate growth in credit demand for business, but showed a slight decline from the annual growth rate of +3.7% in the June quarter. Veda’s General Manager, Commercial Risk and New Markets, Paul McFadden said: “With growth in the Australian economy remaining below trend, moderate business credit growth should be seen as a positive.”
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