Westpac, ANZ chiefs tell MPs that mortgage pain is just starting

Detailed summary

Anthony Miller’s comments came as ANZ chief executive Nuno Matos said pressure on household budgets from higher rates would “get worse before they get better.” ...

Westpac chief executive Anthony Miller has warned that the number of customers falling three months behind on mortgage repayments could rise by more than a third over the next year as five interest rate rises since February and higher inflation put intense pressure on family budgets.

Miller made the comments as he appeared before a parliamentary inquiry, one day after Commonwealth Bank reported its 90-day arrears, a closely watched metric of mortgages at risk, had hit a 14-year-high of 0.80 per cent.

Opening of the article, excerpted from Australian Financial Review. To read the rest, open the article on the publisher's site.