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!


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