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Evidence of Australia’s stuttering economy continues to mount, with the number of Australians turning to payday loans booming:
Payday loans targeting the financially vulnerable are being taken out at the rate of more than 30,000 a week, with the amount borrowed in Australia on track to be worth $1.7bn by year’s end.
New data on the industry to be released on Tuesday shows that 4.7 million individual loans worth an estimated $3bn have been paid out in the past three years, with more than 310,000 extra households taking on the high-interest debt products since mid-2016.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.