Not quite. The article claims its the lowest credit 'growth' in 40 years. Still a negative, but not as dramatic as your headline suggests.
Looking at RBA data we see credit growth is now hitting the lows during the GFC. I expect a grand unveiling of something-or-other from the pollies soon to, you know, 'help' us.
What was Reagan's quip again about 8 words you should fear most from government? Something like "Im from the gov't. Im here to help."?
