Smaller rebound in business borrowing in Qld than in other States

The rebound in commercial and personal financing commitments reported by the ABS yesterday (Lending Finance, Aug 2011) is good news for the economy, as it suggests businesses and households are confident about the future. Based on the ABS data, Queensland businesses are a bit more hesitant in borrowing money than those in other States (see chart below). I expect this to change rapidly over the next few months as the economic benefits of the resources boom become even more apparent.

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