At least 300,000 homeowners are staring down a devastating economic outlook with experts warning Australia’s fiscal future is on a “knife-edge” in a scathing rebuke of the RBA’s “unnecessary” rate hikes.
Deloitte Access Economics said the RBA “tempting fate” could see Australia facing the “weakest” rate of economic growth since the 1990s outside of the pandemic.
Deloitte Access Economics has slammed the Reserve Bank's"unnecessary" 10 consecutive cash rate hikes. Picture: NCA NewsWire / Dylan Coker A homeowner with the average variable mortgage of $600,000 is expected to cop an additional $14,000 in interest repayments this year as a result of the cash rate hikes.
At least 15 per cent of Australians on variable-rate mortgages will suffer negative cash-flow by the end of the year. Picture: Getty Images Deloitte’s grim outlook has been backed by leading business figures who also warn further interest rate hikes could bring the economy to the boiling point.
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