The Commonwealth has many households on life support (JobKeeper). Even so, banks have deferred over 424,000 mortgages: ANZ has deferred 105,000 (14%), worth $36 billion. Commonwealth Bank has deferred 144,000 mortgages (12.5%), worth $50 billion. Westpac has deferred 105,000 (9%), worth 36 billion. NAB declined to provide data. Now regulators and the banks are in discussion on what to do in 6 months time when life support gets switched off. Australia has record levels of household debt. At almost 200% of household disposable income, we have the 2nd largest debt fuelled housing bubble in the world. Is it game over? Will Australian's drown in debt, unable to service their mega-mortgages.