The Age reports that home owners in Melbourne’s growth suburbs owe tens of millions of dollars in overdue rates amid soaring mortgage stress.
Analyses of financial statements from Melbourne’s three largest councils indicate that the aggregate amount of rates in arrears in the city’s outer growth corridors has increased by over 80% over the last three years.
Last financial year, the municipalities of Hume, Casey, and Wyndham collectively collected rates from property owners amounting to $766.6 million, with rates in arrears totalling $99 million.
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