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“Stubbornly low” wage growth market could prompt more mortgage defaults in an already weak housing market, ANZ Banking Group chief executive Shayne Elliott has reportedly said, according to Australian Financial Review.

Key quotes

  • The market will be nervous about the sharp deterioration in mortgage arrears in our view.
  • Wage growth is stubbornly low.
  • ANZ said on Wednesday that 5% of its home loans are in negative equity as at March, non-performing loans have ticked up and mortgages more than 30 days due had risen sharply.