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Australian economy highly vulnerable to housing slumps
Friday, 4 Apr 2008•1 minute read
Australia has the fourth easiest access to housing credit in the world, the International Monetary Fund (IMF) World Economic Outlook has reported.
According to the IMF, Australia – along with the US, Denmark and the Netherlands – has one of the most ‘developed’ mortgage markets. It also found, however, that Australia is at a high risk of a broader economic downturn in the event of a housing market slump.
Research has revealed that spillovers from the housing sector to the rest of the economy are larger in economies where it is easier to access mortgage credit.
Published: 04-04-08
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