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According to the latest finance commitments data from the ABS, Australians are leveraging into non-productive lending – mortgages and personal finance commitments. By contrast, lending to productive businesses is stuck in the mud:
In the 2021 calendar year:
- Housing finance commitments surged 46%;
- Personal finance commitments rose 17%; and
- Business finance commitments rose 2.7%.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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