Around one in twenty families with mortgages are now spending more than they earn as a result of the interest rate increases it has imposed, according to the Reserve Bank of Australia ( RBA ), with relief likely to be more than a year away.
Since the first increase in the income level in May 2022, the majority of mortgage lenders have experienced a 30 % to 60 % boost in their minimum payments.
The RBA notes in its March 2024 Financial Stability Review that “pressures from high inflation and tight monetary policy continue to weigh on many households and businesses,” but these have been at least partially relieved by components like” the quality of supply chain disruptions, falls in energy prices, continued power in labour industry, strong family balance sheets, and strong corporate income.”
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