Commercial lending registered a solid growth in the last month of 2012, according to data from the Australian Bureau of Statistics (ABS).
The value of commercial loans increased by 8.6%, on a seasonally adjusted basis, to $31.9 billion in December 2012, the ABS said on Wednesday. The pick-up follows a 7.7% decline in November 2012 and a 4.8% rise in October 2012. Fixed commercial lending commitments rose 8.6% in December 2012, after a 10.5% drop in the previous month. Revolving commercial credit commitments expanded by 8.8%, after edging down by 0.2% in November 2012. The value of commercial finance commitments for the purchase of dwellings by individuals for rent or resale fell by 0.3% on a seasonally adjusted basis to $6.25 billion in December 2012.
By comparison, the value of housing finance for owner occupation, excluding alterations and additions, dropped 2.7% year-on-year to $13.5 billion.
The value of total lease finance commitments staged the biggest decline of 15.3% to $449 million, after a fall of 0.9% in November.