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Business credit demand stabilised, down -1.2% year on year in the September quarter of 2023, following a strong June quarter 2023 result. Overall demand has steadied, with solid demand growth in the Accomodation and Food Services sector, offset by some softness in the Construction sector.
Business credit demand fell -6.6% year on year in the first quarter of 2023, with demand across all commercial credit types below pre-pandemic levels. Demand is now at its lowest level since the initial lockdown in H1 2020, with a greater than average seasonal dip and severe weather events contributing to the decline.
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