ASIC hits out at business credit crunch 'myths'

The corporate watchdog has rejected as myths claims that small business credit growth is being crimped by responsible-lending laws, amid a government push to improve small firms' access to finance.

ASIC commissioner Sean Hughes does not accept the suggestion that responsible lending laws have slowed economic growth.A repeated complaint of bankers this year has been that tighter small business lending has been an unintended consequence of the Hayne royal commission. On Thursday, Mr Hughes hit out at "misinformation" on the topic in the media, and said responsible-lending laws had never applied to business loans since their introduction in 2009.

"These claimed effects are either not supported by the facts or data, or, if they are real, they are the result of a fundamental misunderstanding and misapplication of the law."

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