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.
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