Loan deferrals normalising
As previously inferred by major bank disclosures, Housing loan deferrals fell from 7 per cent to 3.9 per cent in October, and overall deferrals are now well down from 10 per cent.
This suggests that by today at the end of November the figure will now be relatively much lower.
Source: APRA
A further $100 billion of deferrals were exited or expired, with only $12 billion extended in October.
There's still a bit of a way to go in the state of Victoria, and tourism operators will likely remain in strife until the international borders are reopened.
But overall the systemic risk should largely have dissipated by the end of next quarter.
Westpac's housing pulse showed the fastest rebound on record for New South Wales over the past three months.
Source: Westpac
A remarkable effort, all things considered.
