The Reserve Bank has left interest rates on hold at 4.35 per cent, its highest level since 2011. However, it’s leaving the door open to a rate cut possibly as soon as February. Mortgage stress is running high across Australia, particularly in suburbs like Marsden Park, 50km north-west of Sydney. More than six out of 10 borrowers are still paying off their home loans in this newly-built suburb, while struggling with the everyday cost of living. Against this backdrop, Australia’s economy is growing at its weakest rate since the 1990s recession, outside of the pandemic, while inflation is at its lowest in more than three years. Economist say if it weren’t for strong levels of migration and government spending, Australia would be in a technical recession.
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