NAB CEO warns of 'crushing' hit to confidence if state borders stay shut

NAB is forecasting unemployment will peak at 10 per cent in the March quarter next year and remain at 8 per cent until the end of 2021. These forecasts were premised on borders opening by the end of this year and more stimulus from the government. If borders stayed closed, the modelling's results would be "significantly lower," he said.

Mr King said Westpac expected house prices would fall by slightly less than 10 per cent from their peak, and about 3 per cent of those falls had already happened. The market would be supported by low interest rates, well-capitalised and funded banks and lenders giving customers more time, he said. He highlighted the risks in Melbourne, saying the city's real estate agents had effectively closed because of COVID-19 restrictions, which raised the risk of a rush of people trying to sell properties when the market re-opened.

Both banks made it clear they were preparing to deal with more struggling business and home loan customers next year as government support is unwound.

Source: Real Estate Daily Report (realestatedailyreport.net)

clancyyeates The only thing bank ceos are worried about is losing money.

clancyyeates Who would listen / trust anything a bank CEO would say ?

clancyyeates One tool for “ living with covid in a non-disruptive way “ is our app & algorithm (in dev) for risk calculation, prediction, and motivating risk-reducing personal choices rather than belief that performative binary acts like shaming, lockdown or vaccine will eradicate it

clancyyeates More will suffer from lack of money and work then actually getting Covid

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