Huge Australian household debt threatens to worsen recession


FILE PHOTO: A combination of photographs shows people using automated teller machines (ATMs) at Australia's "Big Four" banks - Australia and New Zealand Banking Group Ltd (bottom R), Commonwealth Bank of Australia (top R), National Australia Bank Ltd (bottom L) and Westpac Banking Corp (top L). REUTERS/Staff/File Photo

SYDNEY: Thuy Pham has run two jobs for much of her working life, and a little over two years ago all that effort paid off when she realized a dream of buying her own home.

As the coronavirus shutdowns have deepened, that’s started to unravel: first she was stood down from one job, then the other, and now she’s registering for welfare to help meet mortgage payments.

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Australia , household debt , RBA , unemployment

   

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