Reserve Bank governor Michele Bullock says she is aware that more people than usual are seeking help from community organisations as Australia's economy slows down and unemployment rises.
She says lower-income borrowers are over-represented in the group of people who are "really struggling" right now.
And the number of owner-occupiers with variable-rate mortgages who are in a "particularly challenging situation" is also rising, but the RBA is doing what it can to bring inflation down, re-balance the economy and return people's lives to some kind of normality, she said.
abc lonk.
so could this force the RBA decision on rates?
with the economy sluggish in a per capita recession, only kept out of technical recession by immigration (as has been the same means of propping up the GDP since Abbott's day) and the lowest earners struggling with necessities, surely this is a clue to the next decision.
Bullock said only a month ago that it would be unlikely that rates would fall before 2025. but surely this recognition indicates the necessity of reducing the rate.
is it too early in the current inflationary cycle to reduce rates?
