Westpac repossessions up 10% on downturn in mining states
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Sydney
RISING mortgage delinquencies and repossessions in outback mining towns are starting to bite Australia's banks, with Westpac Banking Corp the latest to report an increase on Monday.
In a third-quarter update, Australia's second biggest bank by market value said that repossessions jumped 10 per cent mainly due to weak conditions in resource-rich states Queensland and Western Australia, a development likely to worry rivals with greater exposure to such areas.
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