NAB's CEO says Australia needs to develop a plan for living with the virus and warns economic fallout from COVID-19 will be significantly worse if the country does not find a way to safely re-open state borders | clancyyeates
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.
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