Industry super funds contend the focus of banks on home loans over business credit is hurting the economy, Fairfax Media reports.
In its latest submission to the Financial Services Inquiry, Industry Super Australia points to research showing the amount of commercial lending for every dollar directed towards home loans has slumped from $3.84 to $1.62 in the past 25 years.
“Consistent analysis demonstrates that we have a systematic issue transitioning national savings to real productive capital, such as nation-building infrastructure,” chief executive David Whiteley said, according to Fairfax.
The analysis also suggested banks were biased within home lending, largely focussing on loans for existing housing at the expense of new homes.
Author
Quick Summary
Banks’ preference for home loans over business lending is slowing economy: report.
Associated image
Media
Categories
Primary category
Keywords
Status
Published