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A drop in business confidence, the credit crunch and a decrease in SME’s need to debt has resulted in a substantial slow down in SME credit growth, according to JP Morgan and Fujitsu Consulting’s Australian SME Market Report.
The report revealed that lending volume growth slowed significantly over the first six months of the year, from 24 per cent at the end of 2007 to just a current six per cent.
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Business confidence fell most in New South Wales (18 per cent), followed by Victoria and Tasmania – where confidence dropped 16 and eight per cent respectively.
Published: 07-07-08
