Commercial lending up 8.6% in December: ABS

It was a much strong month for commercial lending than mortgage lending in December, according to ABS figures.

The value of total commercial finance commitments rose 8.6% in December 2012 after a fall of 7.7% in November 2012 to just under $32 billion worth of loans,  the ABS reported.

By comparison, the value of owner occupied housing commitments excluding alterations and additions fell 2.7% on a seasonally-adjusted basis over December.

The 2012 calendar year was still a weak one for commercial lending, with commitments down around 5% from $386 billion to $366 billion.

Fixed commercial lending commitments rose 8.6% in December, after a fall of 10.5% in the previous month. Revolving credit commitments rose 8.8%, after a fall of 0.2% in the previous month.

The value of  commercial finance commitments for the purchase of dwellings by individuals for rent or resale reached $6.25 billion in December 2012, a decline of 0.3% on a seasonally-adjusted basis.

The value of total lease finance commitments fell 15.3%, after a fall of 0.9% in November.