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The downturn in the mortgage market triggered by the Albanese government’s property tax changes and higher interest rates is gathering pace, with demand for home loans plunging by 14 per cent in June, underlining the growing headwinds facing the bank sector.
The decline accelerated from the 10.9 per cent drop-off recorded in May compared with the same month a year ago, according to data compiled by global credit reporting agency Equifax.
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