Westpac warns on stress in “consumer loans”

From Reuters:

Exec says expects “reasonably strong” credit growth in business banking going forward

* Exec says comfortable with stress levels in commercial business bank, not seeing “major cracks”

* Exec says seeing some stress in consumer loans

Recall the significant uptrend in auto ABS from a few weeks back, from Moodys:

That trend looks likely to trouble GFC highs pretty soon. Auto loans are fixed interest so a falling cash rate does not help directly. They are therefore a more pure read on credit stress than floating rate mortgages. Here are the details:

And vintages:

Not a good day for banks!