Business credit decline gathers momentum
New business lending has fallen for the third month in a row, with the rate of decline accelerating in the latest figures.According to the latest Australian Bureau of Statistics lending data, new commercial finance commitments fell 8.7 per cent in June, compared with the previous month (in seasonally adjusted terms).New commercial finance commitments were down 4.1 per cent month-on-month in May and down 3.3 per cent month in April.The A$35.6 billion of new business lending in June was down 23.4 per cent on the same time last year.New lease finance rose 13 per cent in June to $541 million.Reserve Bank figures show that the annual rate of growth in lenders' business loan portfolios has fallen from a recent peak of 7.4 per cent in April to 6.6 per cent in June.