australias-debt-pile

Australia’s households are among the world’s most indebted with more than one in 14 mortgage holders having little or no real equity in their home — the value is only equal to or less than the amount they still owe. Australians’ household debt has soared to 187 percent of their income, from around 70 percent in the 1990s, encouraged by low-interest rates. In Western Australia, a mining state of which is struggling to cope with the end of an investment boom, more than 10 percent of mortgage holders are in negative equity, according to a Roy Morgan Research report. In South Australia and Queensland, 8% and 7.2% of borrowers respectively are in negative equity.

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