There may not be a direct connection but it was very distressing to visit Great Western Super Centre yesterday and find Coco’s fruit & veges & the health food shop and the babies gear shop all gone.
Business lending which tends to deteriorate faster in economic downturns is now a smaller share of total lending. Annual ‘growth’ in business lending is negative since late last year (currently -0.6%). The conditions banks are offering loyal sound customers are challenging.
One lesson from the GFC and its aftermath is not to get hooked on debt.