Financial regulators believe most Australians are 'well placed' to ride out worsening economic conditions, but have warned more rate hikes could be on the horizon.
Australia's Council of Financial Regulators believes"most households" are managing despite soaring cost of living pressures, suggesting more interest rates hikes could be on the horizon.
"Most households are well placed to manage the impact on budgets due to strong labour market conditions and sizeable saving buffers. While the council did acknowledge that some groups, particularly those on lower incomes, were experiencing"significant pressures," the overall tone suggested regulators believed there was still scope for higher interest rates if needed to tackle inflation.
Cost of living pressures have already led to a sizeable shift in spending attitudes with Deloitte reporting earlier this month the retail sector had been"going backwards" for the past six months as families tightened their belts. Experts warning of a coming mortgage cliff are also unlikely to greet the news with optimism, with the council noting the number of homeowners falling behind on mortgage payments had risen"a little," although with the caveat this was from a"very low" base.
In an acknowledgement of the challenges faced by those falling behind, the council said it would keep an eye on lenders behaviour toward those experiencing"financial hardship."
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