The economy isn't that bad, finance survey finds

Greatly reduced interest rates seem to be a big help

MOST Australian households are meeting loan repayments despite the economic downturn, a new survey reveals. Surprisingly, given a wealth of bad economic news, more Australians feel financially better off now than they did in the first quarter of last year. There's also renewed interest in borrowing money, according to the survey conducted by the Mortgage and Finance Association of Australia.

More than three quarters of households surveyed said they were easily meeting their mortgage repayments. One in four households believe their financial situation had improved in the past 12 months. While that result did not compare favourably with the data compiled in November 2007 - when 43.3 per cent of respondents believed they were financially better off - it is an increase from six months previously.

The survey results indicated the financial situation of the average Australian was not as dire as portrayed, the association said. As interest rates dropped there was also increased interest in taking out loans, it said.


Posted by John Ray. For a daily critique of Leftist activities, see DISSECTING LEFTISM. For a daily survey of Australian politics, see AUSTRALIAN POLITICS Also, don't forget your daily roundup of pro-environment but anti-Greenie news and commentary at GREENIE WATCH . Email me (John Ray) here

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