Australian banks Australian interest rates

WBC declares big mortgage problem in small print

David Llewellyn-Smith

Friday 17 February 2023

Westpac is out with the credit quality update this morning and it is a doozy.

Arrears are low though turning:

But the fixed-rate reset is about to land like an anvil on the back book:

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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.