The RBA has issued a stark warning about the number of Australians at risk of financial despair in the months ahead, with a spike in homeowners falling behind on mortgage repayments.
Skyrocketing interest rates and the cost-of-living crisis have decimated household budgets over the past 18 months, seeing many forced to deplete their savings to get by.
An estimated six million Australians have a mortgage on their homes. If three quarters are on a variable rate, and five per cent have expenses exceeding their income, that equates to a staggering 225,000 people.
https://www.news.com.au/finance/economy/australian-economy/vulnerable-to-shocks-rbas-warning-to-the-australians-at-risk-of-financial-ruin-amid-costofliving-and-housing-crises/news-story/3153f672caf18252f48bfa699cc8660a
