Mortgage cliff schmorgage cliff.
It's in the newspapers' interest to drum up a "crisis".
The number of bad mortgages resulting in foreclosure will be a single digit percentage.
A generalisation: Aussies are good at battening down the hatches. The GFC trained us well to spend less and save more. So much so that back then the government were begging us to spend more to keep retailers open. All households are feeling the pinch of inflation but... relatively few will lose their homes.
What is a certainty, the rich will get richer by buying the distressed assets.