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MNI BRIEF: RBA Says Mortgage Holders Can Cope With High Rates

MNI (Sydney)

Reserve Bank of Australia Deputy Governor Michelle Bullock says that the strong labour market is key to households coping with increased mortgage rates and along with inflation will be a critical factor in determining the size and pace of rate hikes ahead.

In a speech on Tuesday in Brisbane, Bullock said that while some households were vulnerable there had been a $260 billion increase in household savings through the pandemic and the sector had “large liquidity buffers” with most households holding substantial equity. Much of the debt was held by high-income households which had the ability to service their debt.

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Reserve Bank of Australia Deputy Governor Michelle Bullock says that the strong labour market is key to households coping with increased mortgage rates and along with inflation will be a critical factor in determining the size and pace of rate hikes ahead.

In a speech on Tuesday in Brisbane, Bullock said that while some households were vulnerable there had been a $260 billion increase in household savings through the pandemic and the sector had “large liquidity buffers” with most households holding substantial equity. Much of the debt was held by high-income households which had the ability to service their debt.

Keep reading...Show less