The business sector continues to show signs of recovery, with a recent survey pointing to a steady growth in demand for credit amongst Australian businesses.
Veda Advantage’s Business Credit Demand Index, released today, shows business credit applications for the July to September quarter of 2009 increased by 1.5 percent year-on-year, the first quarterly increase in business credit applications since 2007. The month of October also recorded steady growth, recording a year-on-year increase of 5.0 percent, the largest monthly increase in more than two years.
Russell Evans, general manager of Veda Advantage, said it is encouraging to see such growth.
“Looking at the broader picture there is much to suggest a more positive outlook for business. Our expectation is business confidence will continue to increase, with more businesses taking on debt in a positive, yet prudent manner,” he said.
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