MB may owe Wayne Byers a small apology

Wednesday, 2 October 2019

Not a large one. He should still get the boot. But a report today at Banking Day shows why some backtracking may be in order:

Around 100,000 Australian home borrowers could be hit with rate increases on owner occupier mortgages after up to A$70 billion worth of home loans were reclassified as investment borrowings by the banking regulator.

Details of the potential mortgage time bomb were confirmed to Banking Day yesterday by major banks.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.