Well OZ's over 65 population is approx 4.5m. Not all of those...

Well OZ's over 65 population is approx 4.5m.
Not all of those would be self funded, plenty of the over 70's would be suffering ill health.
So whilst some would have no financial issues, there are plenty reported living pension to pension.

Over 80' would be on a decrease of spending.

So I really don't see they are the major impact on spending or inflation.

And if we enter a recession they aren't the ones that you'd be relying on to spend the country out of a recession.

PS: raising rates has never affected everyone, but it's the majority to that the RBA are aiming to hit and the over 67.5yo aren't the big spending group they are targeting