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Aussies owe more than ever

01/03/2010

Aussies owe their banks more than one trillion dollars in home loans, 15 times as much as did twenty years ago according to new data released by the Reserve Bank of Australia.

People paying off their own homes now owe banks and other lenders $763 billion, up from $65 billion owed in January 1990. Property investors owe $324 billion, up from $10.5 billion in January 1990.

Household disposable income also rose in that period, but only by three times.

Source: Sydney Morning Herald



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