Pressures grow as more buyers fall behind on their mortgages

More Australians are falling behind on their mortgage repayments as the combination of inflation and high-interest rates bite deep into family finances, the nation’s top economic watchdogs have conceded.

But there have been growing signs of financial stress in the household sector, especially for those people with mortgages. “There had also been an increase in the share of households who had fallen behind on loan payments , and council members expect some further increase in the period ahead,” the minutes showed.

The strain on borrowers is also evident in the latest Suicide Prevention Australia regular measure of community pressures, with a further increase in the number of people reporting a higher than normal level of cost-of-living and personal debt distress. Suicide Prevention Australia chief executive officer Nieves Murray said the survey was reflecting other measures of financial pressure such as the recent increase in the unemployment rate.

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