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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-07-13 07:55:25" ["slug"]=> string(123) "17060:do-lockdowns-boost-property-prices-are-short-sellers-levelling-the-playing-field-did-you-lodge-your-tax-returns-early" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(136) "/resources/podcast/do-lockdowns-boost-property-prices-are-short-sellers-levelling-the-playing-field-did-you-lodge-your-tax-returns-early" ["image"]=> string(65) "images/podcasts/230221_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg" ["image_alt"]=> string(0) "" } }

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Credit losses set to triple

By Cameron Micallef

April 07 2020
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Borrow

Credit losses set to triple

By Cameron Micallef
April 07 2020

The fallout from the COVID-19 pandemic could lead to a material rise in defaults on mortgages in Australia, a rating agency has said.

Credit losses set to triple

By Cameron Micallef

April 07 2020
Share

The fallout from the COVID-19 pandemic could lead to a material rise in defaults on mortgages in Australia, a rating agency has said.

According to a “Scenario and Sensitivity” analysis from S&P Global Ratings, credit losses across Australia’s banks are set to “more than triple” in the 2020 calendar year in response to the economic fallout from the COVID-10 pandemic.

S&P’s base case is for credit losses across Australia’s banks to rise from 0.14 per cent in 2019 to 0.5 per cent in 2020.

“A contracting economy in the short term, rising unemployment and depressed consumer and business sentiment in the wake of the coronavirus outbreak would drive an increase in credit losses for Australian banks,” S&P noted.

According to the rating agency, business loans would contribute to most of the increase in credit losses for Australian banks, with the tourism, transportation and retail services sectors likely to be severely impacted by the COVID-19 outbreak.

S&P Global Ratings agency believes households will also feel some pain, stating that it expects defaults from households to rise due to income loss.

The federal government and the Reserve Bank of Australia have concentrated most of their efforts to kickstart the economy on the business sector, providing low-cost credit and cash flow support to affected businesses.

Banks have also rolled out loan relief packages for both businesses and mortgage customers, which include options to freeze repayments for up to six months.

Despite forecasting a material increase in credit losses over the medium term, S&P said it expects defaults to the banks to “remain broadly in line” with its expected long-term average, with the ratings agency forecasting a “strong rebound” in the Australian economy at the back end of 2020.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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