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The RBA reported that business lending grew at an annualised rate of 17% in April, up from 16% in March and 14% in February. Lending to large and medium-sized businesses grew while lending to small businesses hadn't changed much "for some time,” the RBA said.
In the past year, business services and finance firms have experienced above average growth. The rental, hiring and real estate sectors have been the main focus of business services firms during that time period.
According to Richard Wiles, analyst at Morgan Stanley, the major banks' mortgage portfolios grew at different rates. ANZ Banking Group grew its mortgage portfolio by 0.5%, Commonwealth Bank of Australia by 4.5%, National Australia Bank by 6.5% and Westpac Banking Corporation 1.5%.
BOQ grew at a similar rate to most other banks, Bendigo and Adelaide Bank had the largest growth with 11.5%.
APRA chairman, Wayne Byres, flagged earlier this week that Australia was on the brink of a “very different” lending environment than that seen over the last few decades. Byres said that Fixed-rate borrowers who were switching to variable rates faced a repayment shock, which would likely leave them in negative equity
Published:Thursday, 2nd Jun 2022
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| Interest rates up another 50 basis points with more hikes to come 03 Aug 2022: . As expected, the Reserve Bank of Australia (RBA) raised interest rates by another 50 basis points this month. The fourth rate hike in as many months, today’s decision takes the cash rate from an emergency low of 0.1% to 1.85%. - read more |
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| Business loans on the rise while mortgage growth remains flat 02 Jun 2022: . Australian business loans growth accelerated in April as mortgage growth stayed consistent, with major banks growing at less than the system average according to latest RBA data. - read more |
| Homebuyers up in the air despite new government home loan support 29 May 2022: . The government’s promise of an equity contribution will help the most disadvantaged Australians to get a home loan, but they still won't be able to afford one. - read more |
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