Most of Australia’s mortgage holders have been able to adjust to higher interest rates, with “close to 99%” of loans remaining on or ahead of repayment schedules, according to the head of the Reserve Bank’s financial stability unit.
In a speech in Sydney on Friday, Andrea Brischetto said that while the number of borrowers in “severe financial stress” had risen, most had been resilient and “even in the case of an economic downturn, this is likely to remain the case”.
