Households and small businesses have now repaid more than 80% of the nearly 250 billion Australian dollars in loans delayed in repayment during the worst of the new crown epidemic. New data shows that the national economic recovery is on track. According to data released by the Australian Prudential Regulation Authority (APRA) on Friday, the value of deferred housing loans fell by 7 billion in December last year to 43 billion Australian dollars, a sharp drop from the May peak of 192 billion Australian dollars. Treasurer Josh FRydenberg said that the data showed that the “substantially sustained reduction in deferred loans” is a positive sign that the Australian economy is recovering.
National Australia Bank NAB said that companies’ reliance on JobKeeper is decreasing, but warned that occasional border closures would hinder the recovery of some industries. Data released by the bank showed that the pace of recovery slowed down due to the drag of the hospitality and accommodation industries. NAB chief economist Alan Oster said the retail industry is still “relatively strong” and the increase in mining activity supports economic growth in Western Australia and other states. Oster pointed out that the data collected by the bank from corporate customers shows that JobKeeper’s share of corporate revenue is declining, highlighting that companies’ reliance on wage subsidy programs is decreasing.
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