Economic impact of coronavirus could result in a GFC-like housing market crisis

Economic impact of coronavirus could result in a GFC-like housing market crisis

A ten per cent unemployment rate caused by rapid business closures could “seep Australia into a very difficult place to get back on top,” and could result in a “housing market crisis” says Sky News Business Editor Ticky Fullerton.

The government’s new $62 billion stimulus package is aimed at supporting “the great employer” small business and will include support payments of up to $100,000 to small and medium sized businesses.

Ms Fullerton said if Australia were to reach a unemployment rate of ten per cent then home owners will struggle to repay mortgages and then “you’ve got a housing market crisis”.

Image: Getty

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