It’s not just those struggling to break into the property market that need to cut back on smashed avocado with crumbled feta on five-grain toasted bread.
Interest rates might be at record lows, but delinquency rates have hit record highs in Western Australia, Tasmania and the Northern Territory.
In South Australia, delinquency rates are just 0.1 per cent shy of the record.
The housing bust in Western Australia and wage deflation has contributed to mortgage arrears hitting 2.33 per cent, surging 0.69 per cent in the past year.
Nationally, delinquencies have risen in every state and territory.
The number of delinquent mortgages in Australia is at three year highs and is likely to rise further, according to Moody’s Investors Service. Mortgage holders more than 30 days late on their mortgage currently stands at 1.5 per cent, and is nudging towards the 1.59 per cent record recorded in April 2013.
Australians have the highest level of household debt in the world.
» Mortgage arrears break records in two states and NT – The ABC, 19th October 2016.