Lending commitments to businesses are down (ex-mortgages)

http://www.macrobusiness.com.au/2015/03/lending-weak-except-house-purchases/ The overall fall in finance commitments has been driven by commercial, where the value of commitments has fallen 9.4% since June 2014, despite rebounding in January:

ScreenHunter_6570 Mar. 13 12.13

It’s important to note that around one quarter of commercial loans are lending for property investment, which are growing fast (see my earlier post). This suggests that loans to other commercial enterprises –  the productive economy – have fallen fairly sharply.

Most of the other components of lending have also been weakening. Housing renovation activity has fallen for four consecutive months and is down 6.3% since June.