The COVID-19 pandemic continues to present new challenges and the Australian government’s economic support continues to evolve. It introduced a stimulus programme to try and help offset the negative effects of the measures implemented to contain the spread of the COVID-19 pandemic on consumers and businesses in the country.
Household debt has been a big talking point as debt per capita continued to rise. Mortgage stress is spiking across key suburban electorates in Sydney and Melbourne despite record low interest rates as spiralling property prices leave many households struggling to balance between paying their mortgage, household spending and income to make ends meet.
Australian home lending in 2021 expanded at its fastest annual pace as buyers borrowed ever more to get into a red-hot market, suggesting tougher rules from regulators concerned at the growing risks to financial stability. Record-low mortgage rates across key cities have fuelled the surge in debt, which has inflated house prices.
The New South Wales and Victorian governments have outlined plans to reopen most sectors of the economy to vaccinated people in October and everyone in December as these two states were badly hit by the Delta variant in 2021. There are hopes that the nation’s economy will bounce back strongly from these lockdowns when the re-opening arrives.
The National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019 has finally passed. Comprehensive Credit Reporting (CCR) expands the information banks must report to credit agencies about the credit history of their customers.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Consumer Credit research and analysis database.
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