If demand for credit is an indicator of the tempo of an economy, then the pace in Australia is no more than muted. Rates of overall growth in credit are drifting back to the most sluggish levels experienced a year ago. Now, as then, business credit is in steady monthly decline.Credit increased by 0.1 per cent in the month of September 2010, financial aggregates published by the Reserve Bank of Australia on Friday show. The annualised quarterly growth rate in credit is less than two per cent.Business credit fell by 0.9 per cent over the month. The quarterly annualised rate of decline is around seven per cent.Growth in credit for housing continues to grow at a predictable eight per cent, with a slight shift in the mix towards investment loans from those for owner occupiers.