PHOTO: Australian homeowners
A third of Australian mortgage holders are going into the coronavirus economic downturn less than a month ahead in their loan repayments with warnings many of these people are at risk from a sharp fall in income.
As the Reserve Bank revealed there had been a surge in people hoarding cash through March with some customers withdrawing more than $1 million from local banks, it warned there were hundreds of thousands of Australians facing extreme financial pressures.
Analysts, the RBA and Treasury expect a deep economic downturn as efforts to control the spread of the coronavirus weigh on the economy. Job advertisements have collapsed while unemployment has started rising as firms lay off staff.
READ MORE VIA SMH
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