Of course credit conditions for some sectors, notably property, have tightened. And overall, credit to business is rising much more slowly now than a year ago. But even so, over the three months to October, credit provided by intermediaries rose at an annualised pace of about 12-13 per cent.
On a broader definition, which includes capital market raisings, the pace was about 9 per cent. Both numbers are actually a bit higher than they were around mid year. In most developed countries, this would be considered a very satisfactory pace (if not a little fast).