Although those stats are quarterly and would vary hugely, the...

Although those stats are quarterly and would vary hugely, the state by state breakdown is always interesting. NSW up by 20% in Debt Agreements, whereas Victoria was down 8%. It's even more obvious looking at the Bankruptcies... They're up >50% in NSW, seems a little odd that so much of the increase is within NSW alone.

In any case, I agree that the services sector just needs to maintain market share as the total market grows. With the debt agreement and bankruptcy numbers coming out, it seems like the service business is getting a free kick.


I'm not sure it's all just about car lending though. There's the most amount of upside there (by NIM), but it's also the riskiest, given this is not funded by non-recourse debt. We can't just decide one day that the loan book is too troublesome, then hand it over to Westpac...

Nevertheless, that's not really a problem right now, given the default rates. In fact, you could argue management are being too conservative in the loans they write.