Expensive property markets, soaring levels of household debt and predatory lending practices have come under fire with experts warning thousands of households are on the verge of mortgage stress.
Australia now has the second highest housing debt in the world, after Switzerland, and almost twice that of the US – leaving the housing market ripe for a crash that “could be as bad as Ireland or the US”, Digital Finance Analytics’ Martin North said on Monday evening on the ABC’s Four Corners.
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Experts fear how indebted households will manage economic shocks. Photo: Rob Homer