SYDNEY: Westpac Banking Corp, which increased provisions for soured loans to the highest in six years, said it expects consumer defaults to rise in the six months to Sept 30 as the mining slowdown leads to job losses in some parts of Australia.
The first signs are already there, with Australia-wide mortgages overdue by more than 90 days climbing to 0.55% of total loans by March 31 from 0.45% six months earlier, the lender said as it posted first-half earnings that missed estimates.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!