A $200 billion ultra-low interest loan facility made available to banks during the coronavirus pandemic did almost nothing to boost business lending as intended, a review has concluded.
Instead, lenders simply expanded their loan books by winning clients from competitors without increasing overall lending, while boosting low-interest loans to first home buyers and people refinancing.
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Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
