Non-financial business credit growth, 12 months, Australia
Non-financial business credit growth, 12 months in Australia was 10.90% in , up 0.30 pp from and up 1.10 pp from a year earlier. Over the latest 12 readings it moved between 9.30% and 11.00%. The next reading is for September 2026. Source: RBA, RBA table D1; history from .
Key takeaways
- Non-financial business credit growth, 12 months at 10.90% in beats 81% of readings since (RBA).
- Against a ten-year average of 5.89%, non-financial business credit growth, 12 months is above that norm by 5.01 pp (RBA).
What this indicator is and why it matters
Non-financial business credit growth, 12 months, is the percent change over the previous year in credit to Australian businesses outside the financial sector, published by the Reserve Bank of Australia in table D1 (series DGFACBNF12). The RBA calculates it from seasonally adjusted data and adjusts for breaks in the series.
It is the RBA's preferred measure of how fast business lending is growing. Strong growth points to firms investing and expanding; weak growth can signal caution or tighter lending conditions, and the RBA weighs it when assessing how its policy is reaching the economy. Banks compare their own business loan growth with it to judge market share.
Two points matter. The break adjustment means this rate can differ from the growth calculated from the level series on this site, because the RBA removes reclassifications and reporting changes from the rate but not from the levels. And the series excludes lending to financial businesses, so it is not comparable with the old business credit growth series that ended in June 2019, which included them. Lumpy loans to a few large companies can move a 12-month rate for business credit more than the equivalent rate for housing.
Where it sits in history
Non-financial business credit growth, 12 months is at its highest since , when it stood at 11.00%. Within ten years, non-financial business credit growth, 12 months beats 91% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 81% of readings | 5.96% | 22.20% | -6.90% |
| Last ten years | 91% of readings | 5.89% | 13.80% | -3.10% |
| Last five years | 82% of readings | 9.02% | 13.80% | 2.80% |
- Non-financial business credit growth, 12 months 11%
Recent readings
Last five years
- Non-financial business credit growth, 12 months 11%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 10.90% | +0.30 pp | |
| 10.60% | -0.40 pp | |
| 11.00% | +0.70 pp | |
| 10.30% | +0.70 pp | |
| 9.60% | -0.40 pp | |
| 10.00% | +0.50 pp | |
| 9.50% | 0.00 pp | |
| 9.50% | -0.20 pp | |
| 9.70% | +0.30 pp | |
| 9.40% | +0.10 pp | |
| 9.30% | -0.10 pp | |
| 9.40% | -0.40 pp | |
| 9.80% | -0.10 pp |
Annual averages
By calendar-year average, non-financial business credit growth, 12 months peaked in (18.69%) and bottomed in (-4.21%). 2026 to date: 10.18%, after 9.35% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 10.18% | 9.50% | 11.00% | 8 |
| 2025 | 9.35% | 8.80% | 9.90% | 12 |
| 2024 | 7.58% | 6.70% | 8.90% | 12 |
| 2023 | 8.60% | 6.40% | 11.60% | 12 |
| 2022 | 11.49% | 8.20% | 13.80% | 12 |
| 2021 | 1.47% | -3.10% | 7.30% | 12 |
| 2020 | 2.62% | 0.20% | 5.70% | 12 |
| 2019 | 2.93% | 1.60% | 4.50% | 12 |
| 2018 | 3.38% | 2.60% | 4.20% | 12 |
| 2017 | 3.38% | 2.40% | 4.10% | 12 |
| 2016 | 5.27% | 3.70% | 6.90% | 12 |
| 2015 | 5.07% | 4.00% | 6.20% | 12 |
| 2014 | 2.93% | 1.70% | 4.20% | 12 |
| 2013 | 1.51% | 0.90% | 2.90% | 12 |
| 2012 | 3.38% | 2.00% | 4.90% | 12 |
| 2011 | -0.09% | -2.00% | 2.40% | 12 |
| 2010 | -4.21% | -6.70% | -1.40% | 12 |
| 2009 | 0.87% | -6.90% | 9.40% | 12 |
| 2008 | 16.67% | 10.30% | 22.20% | 12 |
| 2007 | 18.69% | 15.40% | 22.10% | 12 |
| 2006 | 15.48% | 14.70% | 16.40% | 12 |
How is it measured?
12-month-ended growth in credit to non-financial businesses (adjusted for series breaks by the RBA).
RBA publishes non-financial business credit growth, 12 months monthly in RBA table D1, in percent and is seasonally adjusted. Code: DGFACBNF12. Method for non-financial business credit growth, 12 months.
Questions
How high is non-financial business credit growth, 12 months in Australia now?
10.90% in (RBA), up 1.10 pp on a year earlier.
Is non-financial business credit growth, 12 months high by historical standards?
Non-financial business credit growth, 12 months beats 81% of readings since ; its peak was 22.20% (), its low -6.90% ().
When is non-financial business credit growth, 12 months updated?
Monthly, in RBA table D1. Next reading: September 2026.
Where can I check non-financial business credit growth, 12 months at the source?
RBA data, code DGFACBNF12.