More than a tenth of business financing is coming from non-bank lenders amid a boom in private credit and as big banks avoid construction and other industries where borrower stress is rising, the Reserve Bank says.

The $200 billion Australian private capital pool has exploded in popularity in the past 12 months. As banks have deserted some credit customers to protect their balance sheets in a structural trend dating back to the global financial crisis, it has created an opportunity for private credit to step up.