"It is going to be extremely ugly here in Australia. Unemployment is going to rise and so are interest rates."
Far out do you not understand monetary policy?
If unemployment rises it would be due to a slowing economy, falling consumer confidence and spending. In that situation RBA would be looking at lowering interest rates,Raising interest rates would only make the situation worse.
For evidence of this look at other countries that have high unemployment and struggling economies, they will have low interest rates
