Early bank results show Australian households are starting the tightening cycle in good shape, while the profitable rising rates angle for insurers is finally playing out.
, approximately 70 per cent of home loans are tracking early.
The bank also gave hints as to why spending has been so resilient despite the cash rate rising 1.75 percentage points since May: with 40 per cent of borrowers still on fixed rates and three-quarters ahead on repayments, there’s a “lag in transmission” from rate increases, Mr Comyn said. “We’re definitely going to see loss rates trend higher, but I don’t think there’s any reason to believe it’s going to go back to the peaks we saw during the Global Financial Crisis or anything like that,” he said.
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