Business
Mortgage stress unlikely but bank pain coming – The Australian Financial Review
ANZ chief Shayne Elliott says he’s more hopeful about the economy than he was at the start of the crisis, but acknowledged the hit to banks is likely to come towards the middle of next year.
He is also encouraged by what hes seeing of the actions that customers are taking to buttress their own financial positions.
Take credit cards, with their high interest rates, as an example.
ANZs balance on this line of credit sat above $7 billion before the pandemic struck. It has fallen to $5.5 billion.
Thats because people are not going and racking up more debt on their credit card and they are paying down debt, Elliott says. Its a massive shift and its prudent and conservative action by o…
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