More than 130,000 people hold mortgages over $1 million as hospitality closures rise 49%

Over 130,000 people now have mortgages exceeding $1 million, a significant increase from previous years. This surge in large mortgages is attributed to factors like lower interest rates during the pandemic and recent market conditions. Another 18,000 individuals hold mortgages over $2 million. While consumer arrears are trending down, hospitality business liquidations have risen by 49%, indicating ongoing economic pressures for some sectors.