Australia under more mortgage stress than any other nation, IMF says
by Martin Farrer from Economics | The Guardian on (#6FERZ)
Cost of repaying loans is 15% of income and likely to be higher after this year's rate hikes, as fund predicts GDP growth of 1.2% next year
Australia has the highest level of mortgage stress in the developed world, according to figures from the International Monetary Fund, with 15% of income devoted to paying off loans.
Borrowers have been floored by a series of rate rises by the Reserve Bank of Australia starting in May last year and continuing for eight months in a row until December 2022 when the IMF compiled its figures.
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