Financial distress is escalating, yet we are witnessing another rate hike

RMIT University

An RMIT expert says more people are having to choose between their health and mortgage repayments with no end in sight for costof-living pressures.

Nataliya Ilyushina, Research Fellow, Blockchain Innovation Hub Topics: RBA, economy, cost of living, health care

“Since the onset of the rate-hike cycle two years ago, a mortgage holder with a debt of $750,000 is now facing an additional $1,800 per month compared to what they were paying two years prior.

“Australians are currently experiencing greater financial hardship than at any point during the COVID-19 pandemic.

“The Australian Institute of Health and Welfare has disclosed that 20.2% of Australians are struggling considerably to manage on their present income, a