The impact of COVID-19 on consumer lending as well as the measures implemented to try and contain its spread in Australia resulted in an increase in savings. While gross lending for cards decreased due to the increasing popularity of BNPL platforms and reduced spending due to the extended lockdowns across key cities in Australia, overall gross lending grew in 2021 and this was driven by the increase in mortgage/housing loans.
Full lockdown commenced in late June in New South Wales with all non-essential outlets, including foodservice, apparel retailers, gyms, cinemas and other entertainment venues forced to close. Only grocery retailers and pharmacies were allowed to remain open.
Household debt has been a big talking point as debt per capita continued to rise due to mortgage stress which is spiking across key suburban electorates in Sydney and Melbourne. Record low interest rates and spiralling property prices leave many households struggling to balance between paying their mortgage, household spending and income to make ends meet.
Getting a loan has generally always been something of a tedious, cumbersome and time-consuming exercise that many consumers have traditionally dreaded. However, the financial services industry has seen developments and changes in the way consumer data is controlled and shared.
The sudden and unfamiliar nature of the COVID-19 pandemic, as well as the measures taken to slow its spread, such as lockdowns, closures, travel restrictions and shutting borders, has triggered a global economic shock, which caused massive disruption in Australia in 2020. This continued in 2021 with the second wave of COVID-19 delta variant spreading rapidly across key states in Australia.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Consumer Lending research and analysis database.
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