IMO Its the rubber band effect (im hoping i invented this term...

IMO Its the rubber band effect (im hoping i invented this term lol) - Simply put during covid times the RBA dropped them way too low inflation went through the roof and the country adapted really well (and were bored af so bought everything). 2% mortgages for 4 years, now the mortgage cliff is coming off this year, repayments at least 2.5 times current amounts. It'll take 3-4 months for inflation data to come in and RBA will have to cut them, but in the mean time people on the 2% rates are still spending and domestic inflation is still increasing. So what do you do?