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April 1 2021

 

1. Loans defrosted…

APRA published their February data on temporary loan repayment deferrals this week. The value of loans frozen by pandemic-affected borrowers fell to just $14 billion at the end of February, from a peak of $274 billion. Just 0.5% of the value of all loans is now on deferred payments, and 0.7% of the value of housing loans. APRA also announced this will be the last time they release a monthly report on temporary loan repayment deferrals due to Covid, as the programs are coming to an end!

 

 

2. Jobs outperforming…

Payroll jobs in Australia for the week ending 13 March were 0.2% higher than a year earlier. And Australia remains a clear outperformer on the jobs front versus our global peers.

 

 

3. The grains are here… 

The International Grain Council is forecasting a record global grain production of 2.287billion metric tons in 2021/22 season. Notably they are also forecasting record consumption to absorb the massive supply, with expectations for a record harvest in wheat, corn, and barley too. Good news for portfolio company Nufarm. Interestingly, Australia has also overtaken NZ in sheep exports. Apologies to Jimmy, our resident Kiwi!