People are already under mortgage stress (30% or more of their income going on housing repayments) and they still have jobs
This means people are spending more on mortgages and reant and less on other things, This mookie is what the reserve banks aims are when the raise interest rates
Add to that large gains that were being made on the stock market and flowing through to the general economy
Small businesses whose wage costs are going through the roof and therefore reducing profits
and all this regardless of the price of iron ore, copper or coal.
as for your government comment, it was to stupid to even warrant a reply
