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Car repossessions surge in new sign of financial pain hitting Australian households

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Double-digit increases in insurance costs and rising petrol prices contributing to ‘significant’ spike in supply of repossessed vehiclesGet our morning and afternoon news emails, free app or daily news podcastCar repossessions are rising sharply in Australia, in a sign of increasing financial distress that can have traumatic consequences on households, including robbing people of work opportunities.Automotive auction house Pickles describes a recent spike in the supply of repossessed vehicles as “significant”, with numbers rising by 13% in the past six months and 11% over the last quarter.Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Continue reading…

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Source link : https://www.theguardian.com/business/article/2024/jul/28/australia-car-repossessions-surge-statistics-data

Author : Jonathan Barrett Senior business reporter

Publish date : 2024-07-27 22:00:35

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Tags : The Guardian

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