Analysts at TDS point out that the RBA’s Financial Stability Review showed signs of easing in Sydney and Melbourne housing markets.
“Two of the more noteworthy sentences in the semi-annual review were "Balances in mortgage offset accounts and redraw facilities remain about 17% of outstanding loans, or more than 2 ½ years of scheduled repayments. But these mask “substantial variation” as about one-third of mortgages have less than one month's buffer." and "banks' non-performing housing loans are mostly well secured, with the impaired share very low".”
“Market range for next week’s employment number is breath-taking in the wake of the outsized August print (+54.2k) at -10k to +32k. We lean towards a small correction, only because of the string of strong prints hints at a breather.”
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