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Ticking Timebomb? Thousands of Australian mortgages propped up by virus benefits
Nearly 20,000 Commonwealth Bank of Australia (CBA.AX) mortgages are held by people receiving jobless benefits due to COVID-19, raising concerns for the economy of possible forced property sales and sharp house price declines once support runs out.The data, released by the country’s biggest bank along with its annual profit announcement on Wednesday, shows Australia’s A$7.2 trillion housing market is being propped up by temporary relief payments for people left jobless by shutdowns to stop the virus spreading. That raises the risk of a sharp downturn in house prices when the payments stop and banks call in loans ... (full story)
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