0326 GMT [Dow Jones] Business lending by Australia's banks reached its
highest level in three years in May, according to analysis of official
data by Goldman Sachs. Growth in lending to non-financial corporations
rose to 7.2% in May from a year earlier, with loan balances up 1%
compared to April, the bank's analysis of data from the Australian
Prudential Regulation Authority found. Goldman analyst Ben Koo
cautioned against interpreting the pickup as reflecting a sustained
improvement in the market, forecasting credit growth of 6% across the
majors in 2012. "We would caution against interpreting this month's
data as a sustained turnaround in business lending," he
says.(caroline.henshaw@wsj.com)
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(END) Dow Jones Newswires
July 01, 2012 23:26 ET (03:26 GMT)
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