Australia’s household debt now second highest globally, but borrowing is still breaking records
Is Australia’s record household debt a ticking time bomb — or more manageable than it looks?
Australian homeowners are increasingly reviewing their mortgage documents as household debt climbs to one of the highest levels in the world, even as new lending and refinancing activity surge. (Image source: Monkey Business Images/Shutterstock.com)
Australian households are close to the most indebted in the world but that has not stopped mortgage lending from smashing through new record levels.
Australia’s household debt is approximately 112 pr cent of its GDP, trailing only Switzerland and at a level that significantly exceeds most other major economies.
Nonetheless, borrowers are queuing en-masse to load up even more.
With property prices having soared
around the country, the value of …
