The Australian Banking Association (ABA) is the information source for the news media on the Australian banking industry, providing information, analysis and context on industry issues.
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As the RBA seeks to address the inflation challenge, overall bank data indicates Australian mortgage holders remain well-placed to navigate this difficult period. Household savings are high, and unemployment remains at close to record lows. Feedback from banks is that there have been no increases in hardship applications so far.
“the earlier that people speak to their bank, the more likely it is that the bank can find a solution that will work and keep the customer out of financial strife.”