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ANZ boss predicts property developer “pain”

Finance Markets / Market Trends

Australia

Mar 23 2018

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ANZ boss Shayne Elliot has predicted pain for property developers, due to Australia’s highly indebted households, but says high savings rates will result in a soft landing. 

Mr Elliot also warned of oversupply in parts of Melbourne and Queensland, when speaking at the Urban Development Institute of Australia conference in Melbourne. 

Earlier this week, former treasurer Peter Costello’s said interest rate rises would have “painful” consequences for the local housing market and households with high debt. 

Mr Elliot said the bank had pulled back from lending to property developers compared to previously but was still “open for business”.

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