Hungry property investors are starving small business

Australia’s speculative housing boom is on an unsustainable path and crowding out lending to small business, which will translate to weak economic growth in the long term.

Housing speculation continues to drive credit growth across the country. Lending growth otherwise is quite muted, reflecting both the high existing stock of credit to businesses and households but also the ongoing popularity of refinancing and deleveraging.

Housing credit rose by 0.6 per cent in September, to be 6.8 per cent higher over the year. Growth continues to be concentrated among investors, with credit outstanding to investors rising by 9.5 per cent over the year.

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