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The Guardian - AU
The Guardian - AU
Business
Luca Ittimani

Personal loans booming as cost of living drives Australians to borrow record amounts

Andrew Grant Kevin James RBA ANZ Australian Bureau of Statistics Equifax Latitude National Debt the Reserve Bank Westpac
Young woman managing and transferring money. She is holding a credit card / debit card and smartphone
New personal loans issued by banks reached a record $5.1bn in the first three months of 2026, according to Australian Bureau of Statistics data. Photograph: Oscar Wong/Getty Images

Australians are borrowing record amounts in personal loans as a long-term buildup in living costs wipes out savings buffers.

New personal loans issued by banks reached a record $5.1bn in the first three months of 2026, according to Australian Bureau of Statistics data.

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