The Commonwealth government will introduce a "responsible lending test" to the consumer credit code next year according to sources. Under the new rules, lenders.....
The effects of recent rate rises and reduced credit availability are being felt throughout the economy with building activity falling in April for the third consecutive month. The construction index compiled by the Australian Industry Group-Housing Industry Association recorded a 5.1 point fall during April to 42.6 points. The index is now at its lowest point in the three years that the survey has been conducted and almost 30 per cent below the high of 59.4 points achieved as recently as December. The survey also indicates a slowing in the sector over coming months with the new order index plummeting about 20 per cent during the three months to April to be close to a two-year low.
