A new report from Standard and Poor’s Global has revealed that home loan arrears in Australia are now at their highest level since the Global Financial Crisis.
This comes in the same week it was revealed that economic growth is now at its lowest level since the Global Financial Crisis.
Standard and Poor’s Global Quarterly Report identifies a number of reasons for the rise in home loan arrears. These include low wage growth, underemployment and high levels of household debt.
Standard and Poor’s has also stated that high levels of home loan arrears are likely to exist for some time due to low wage growth, high household debt and low rates of economic growth.
This is evidence of the real life consequences of the Morrison Government’s mismanagement of our economy. Low wage growth and underemployment are making it harder for a lot of people to pay their mortgage.
FRIDAY, 7 JUNE 2019
MEDIA CONTACT: BENJAMIN GRANGER 02 9790 2466
