In that case paul I won't be supplying any more reports. they are not for political purposes.
They are not posted to be abused, they are posted to share information.
Master Peter This forum, and the main category, is political. That is why you post. How can exposing the exploitation of the people, after a natural disaster, not be good?
Explain that to me and you may have a point. However, I fear you can not and that you agree it is akin to a criminal act. If the landlords acted together, it would be cartel and like petrol, you would object strongly I assume?
You need to rethink why you post into one of the most popular political sites in Australia......
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Pity the whole of Australia did not live in 4700, a mining town, hey Frank.....lol
Pauk once again shows how clueless he is
Nearest coal mine is 200klm away
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
QLD flood victims ask for help as mortgage stress rises
Lexi Metherell reported this story on Thursday, May 26, 2011 18:39:00 Listen to MP3 of this story ( minutes)
Alternate WMA version | MP3 download
MARK COLVIN: There's been a jump in the number of households struggling to pay their mortgages, and the Queensland floods are partly to blame.
More broadly though, last year's November rate rises appears to have tipped many borrowers over the edge.
Still, delinquencies in Australia are much lower than they are in the US or UK, and the Reserve Bank does not appear worried about any risk of mass foreclosures.
But it is keeping a close watch first time buyers lured into the market by the boosted First Home Owners' grant in recent years.
Lexi Metherell reports.
LEXI METHERELL: Soon after the Queensland floods, Lifeline braced itself for a rise in calls from people in financial hardship. But it's only now, four months later, that the calls are really coming in.
SHIRLEY SHERMAN: We've had an increase that has really picked up in the last few weeks, yet we were expecting this probably a lot earlier.
LEXI METHERELL: A counsellor at Lifeline's Financial First Aid service, Shirley Sherman, estimates calls are up about 15 per cent from this time last year.
SHIRLEY SHERMAN: Some may have been struggling before the floods and this has just tipped them over, you know; they were really finding it difficult and then this extra expense of this. And for some, they have found it hard to pick up the phone and communicate back with their banks and that too.
You know, r they thought they were insured and that money isn't going to come through now and they're just finding that out.
LEXI METHERELL: And a report by Fitch Ratings has partly blamed the floods in Queensland, as well as those in Victoria and Cyclone Yasi, for a bigger-than-expected jump in people falling behind on their mortgage repayments.
It says in the first quarter of the year the proportion of top quality mortgages that were more than 30 days overdue, jumped from 1.37 per cent to 1.79 per cent.
That's a record for Australia, but an associate director at Fitch, James Zanesi, says that's minuscule on a global scale.
He says delinquencies in the US are 20 times as high as Australia's and the rise here is likely to be temporary.
JAMES ZANESI: We don't expect this to last in the long-term, it was, this is an effect of the (inaudible) will not have the same impact in future as it was having in Q1.
LEXI METHERELL: But the rise in delinquencies isn't only because of natural disasters. More and more households are struggling under the weight of seven interest rate rises since 2009.
Shirley Sherman says middle-income earners are increasingly calling on Lifeline for help.
SHIRLEY SHERMAN: The normal everyday living expenses that we've all got have certainly increased and wages haven't increased up to the amounts of what extra we're paying on other normal things.
LEXI METHERELL: The Reserve Bank says people are more sensitive to interest rate rises now, because of the debt households accumulated over the past 15 years. That means they're devoting more of their income to paying off their debts.
The bank's deputy governor Ric Battellino covered the topic in an address to stockbrokers today. He said arrears rates aren't a major concern, with the proportion of borrowers in serious trouble and behind on their repayments by more than 90 days below 0.8 per cent.
But the RBA is watching over the first time buyers who rushed in to the market after the Federal Government turbo charged the First Home Owners Grant in 2008.
RIC BATTELLINO: Some of these, at least, may have over-committed themselves financially in order to enter the market, and are now vulnerable to rising interest rates.
LEXI METHERELL: Paul Bloxham is the chief economist at HSBC and a former Reserve Bank official.
He says the risk of a cascade of foreclosures is slim.
PAUL BLOXHAM: The main thing that makes people fall behind is if they lose their jobs, if they're unable to continue to earn income and therefore unable to make repayments and what we do know is that the Australian economy is quite strong and the labour market is quite strong in particular.
Employment growth has been strong and the unemployment rate has been falling to 4.9 per cent at the moment and the central expectation of most of the economists and also the Reserve Bank is that we get a continued decline in that unemployment rate.
MARK COLVIN: HSBC's chief economist Paul Bloxham ending Lexi Metherell's report.
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