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Today’s new mortgage data from the Australian Bureau of Statistics (ABS) recorded a big fall as the COVID-19 shutdown took effect:
The next chart plots the time series:
Total new mortgage commitments (excluding refinancings) fell by 4.8% in April, with owner-occupied mortgages falling 5.0% and investor mortgages falling 4.2%.
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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.
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