Via The Australian:
Australia’s economy is set to experience consumer confidence levels not seen since the global financial crisis after an “alarming” surge in people falling behind on credit card and mortgage repayments in the lead-up to the coronavirus outbreak.
Banking and financial transaction data from August to February showed the bushfire crisis triggered a spike in debt repayment and consumer discretionary spending and indicated the economy will take a “far steeper” hit from the coronavirus, Illion data analytics CEO Simon Bligh said.
