Data out this morning show that home loans in Australia slumped by 6.1 per cent in December following a 0.9 per cent decline in the previous month. Not only was the drop far bigger than anyone predicted but on a quarterly basis is one of the biggest falls since the series began in 1975. Data of this magnitude was last seen during the 2008-2009 financial crisis and confirms that sentiment, even for a country that last saw a recession in 1991, can shift extremely quickly and on a whim.
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