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With interest rates rising across the country, the common refrain has been to compare today’s single digits to the late 1980s, when mortgage holders were paying 17 per cent. But if you thought that interest rate pain was worse in those days than now, you might be mistaken.
On this episode of the Secrets of the Top 100 Agents, host Grace Ormsby sits down with Shane Oliver, the head of investment strategy and chief economist at AMP, who examines the full scope of what the RBA’s cash rate calls are doing to Australia’s economy and outlines why a 6 per cent mortgage rate today might feel the same as the 17 per cent rate of 1989, given the average Australian’s financial situation.
The duo also discusses the deluge of information coming from the RBA and why it can be hard to comprehend for the everyday borrower. Shane dives into the data to spell out what could be in store for the year ahead.
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