Westpac Warns of Rise in Consumer Defaults on Mining Slowdown

  • Defaults inching up in mining states of Queensland, WA
  • Westpac CEO Hartzer says consumer-loan stress levels are low

Westpac Banking Corp., which increased provisions for soured loans to the highest in six years, said it expects consumer defaults to rise in the six months to Sept. 30 as the mining slowdown leads to job losses in some parts of Australia.

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