Good news and bad debt

Original article by Terry McCrann
Sunday Herald Sun – Page: 63 : 3-May-20

The advice from Australian Banking Association CEO Anna Bligh that "so far" more than 320,000 home loan borrowers and 170,000 businesses have had loan repayments deferred is a mix of ‘good’ news and ‘bad’ news. Clearly the numbers who need repayments deferred "will increase". Some "good news" for the government is Roy Morgan’s April estimate of Australia’s unemployed and under-employed, down 439,000 on the last 2 weeks in March – however, it only dropped because of the government’s JobKeeper scheme. If JobKeeper numbers were added to those who are unemployed and under-employed then "real joblessness" is probably around a third of the workforce, with not one person from the public sector ‘out-of-work’. Even with Australian banks proactively playing their part the post-virus reality is not going to be "a walk in the park" – assuming it is allowed!

CORPORATES
AUSTRALIAN BANKING ASSOCIATION, ROY MORGAN LIMITED

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s