New Zealand’s largest bank is lending less cash to businesses than it was half a decade ago.
Figures from the Reserve Bank show a softening across all bank business lending since the pandemic, with ANZ the only one going backwards.
The overall growth rate across all banks has slowed to just 1.5%, down from 6% in 2013.
ANZ CEO Antonia Watson told Mike Hosking much of the drop is caused by a decrease in lending to commercial property.
She says their decision was to support their existing customers through rising interest rates and tougher circumstances as opposed to taking on new customers.
However, she confirmed the bank is back to taking on new customers.
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The Mike Hosking Breakfast