Business credit growth strong in non-mining sectors
Growth in the supply of business credit across the non-mining sector is better than ten per cent, a new OECD report shows."A steady recovery in business credit is evident outside the [Australian] business sector," the OECD writes in its report, 'Financing SMEs and Entrepreneurs 2016: An OECD Scoreboard'.This growth is around eight percentage points more than the average growth rate in business credit for the country's non-mining economy over the post great recession period, the OECD points out."Growth in non-mining business investment is expected to gather pace" to 4.5 per cent in 2017, the OECD said.According to the OECD there are 2.1 million SMEs in Australia, 99.8 per cent of all enterprises in Australia.The doubling of SME loan spreads in Australia, a fact since 2008, persists as a feature of business credit, the new report shows.