Australian businesses are still borrowing at a brisk pace. The Reserve Bank’s financial aggregates for September, released on Friday 30 October, show credit to non-financial businesses rose 0.9% in the month and 11.3% over the year, the fastest annual growth of the main lending categories.

The numbers

Total credit rose 0.6% in September and 8.4% over the year. RTTNews reported that the monthly rise beat expectations of 0.5% and matched August’s pace. According to the RBA’s summary table (seasonally adjusted):

  • Business credit: up 0.9% in September (0.9% in August) and 11.3% over the year, compared with 9.4% in the year to September 2025.
  • Housing credit: up 0.4% in the month and 7.0% over the year, compared with 6.3% a year earlier.
  • Personal credit: up 0.3% in September after 0.7% in August, and 4.8% over the year.
  • Broad money: up 0.2% in the month and 6.2% over the year.

The RBA notes that its measures cover credit provided by financial institutions operating in Australia. They do not capture cross-border or non-intermediated lending.

Borrowing into a tightening cycle

The figures land days before the Reserve Bank’s board meets on Melbourne Cup Day. The cash rate is 4.60% after the 29 September increase, the fourth of 2026. All four major banks now expect a further 25 basis point rise to 4.85% on Tuesday 3 November, and a poll reported on 30 October found 30 of 32 economists expected the same outcome.

CommBank head of Australian economics Belinda Allen has framed the question this way: “The key question is whether four hikes this year is enough.” CommBank expects weaker growth, softer home prices and higher unemployment as rates bite.

What it means for business borrowers

The aggregates do not say why businesses are borrowing, only that the stock of business lending keeps growing faster than housing. For owners with facilities up for renewal, the combination of strong credit demand and rising rates makes it worth reviewing pricing, covenants and loan terms before the next repricing, rather than after it.

Sources: Reserve Bank of Australia, Financial Aggregates September 2026 (released 30 October 2026); RTTNews (30 October 2026); Aussie and Savings.com.au RBA previews (28 October 2026); CommBank Newsroom (October 2026).