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Banks miss the borrowing party

Each level of government is propping up demand for credit in Australia.Government borrowing is projected to be A$46 billion in the year to June 2015, the Australian Bureau of Statistics said yesterday.State governments will add $10.7 billion to demand and local government $2.7 billion.The Commonwealth call this year will be $26.7 billion.Banks supply little of this demand. General government lending by banks was only $6 billion at August 2014.

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