Sumary of 'Double dip' recession can be avoided if more people get COVID-19 vaccines, NAB boss says:
- Australians are becoming more financially and mentally distressed, with half the nation’s population locked down at home and increasingly worried about their futures.
- NAB chief executive Ross McEwan told AM that volumes of calls from distressed customers have risen 40 per cent this week (up from 10 per cent last week).
- “The longer the lockdowns go on obviously the more people it impacts along with their financial buffers,” Mr McEwan said.
- “Some customers urged to sell their homesMajor banks have reintroduced loan repayment deferrals to residential and business customers to reduce stress during the lockdown, mirroring deferrals introduced last year when the pandemic hit.
- Rents surge by highest level in 12 yearsAustralian tenants are experiencing their biggest annual rent increases since 2009. Canberra was the most expensive rental market, while Sydney and Melbourne unit landlords saw the weakest returns.
- Read moreMr McEwan said despite the mortgage stress during the pandemic, the bank had held back from foreclosing on loans in default or at risk of default.
- “However, Mr McEwan conceded there could be cases where the bank would be forced to make hard decisions about distressed loans.
- ” Ross McEwan says NAB has not foreclosed anyone impacted by COVID-19 in the past 14 months.