"i want to see rates get back to the good old days of 17% plus like in the late 80's and early 90's"
Food for thought - household debt as a percentage of household disposable income is a lot more today than in 1989 - almost four times more.
According to the ABS, in 1989 when interest rates were 17%, Australians were spending on average 4.25% of their income towards interest on dwellings.
Today we are spending just over 7%.
The low figure is because some people don't owe anything on their homes - it's averaged over all Australian households. But its the large increase that matters.
Interest rates might be cheap, but we are carrying a lot more household debt today than in 1989, and hence we are paying significantly more in interest payments today than in 1989 when interest rates were 17%!
