Westpac chief executive Anthony Miller has warned that the number of customers falling three months behind on mortgage repayments could rise by more than a third over the next year as five interest rate rises since February and higher inflation put intense pressure on family budgets.
Miller made the comments as he appeared before a parliamentary inquiry, one day after Commonwealth Bank reported its 90-day arrears, a closely watched metric of mortgages at risk, had hit a 14-year-high of 0.80 per cent .
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