The largest Swiss bank UBS conducted a study showing that housing prices in Australia could drop by 30% if a recession occurs in the country. In the event of the first recession in 27 years, UBS experts also expect large-scale legal proceedings in connection with violations by banks in the sale of mortgage loans. According to them, in such conditions, the Central Bank of Australia will reduce rates to zero and will be forced to introduce its own version of quantitative easing. UBS analyst Jonathan Mott sees the rapidly deteriorating situation in the Australian housing market as a signal of approaching even more difficult times.
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