Herald Sun Business Commentator Terry McCrann says the Reserve Bank rate rises for mortgage holders are not “dramatically” impacting the economy and it will cause the “pain” of these rises to extend further for Australians.
“We’ll almost certainly see another 25 points at the next meeting in March, when we talk about nine rate rises in a row, let’s not forget we started at almost zero,” Mr McCrann told Sky News host Peta Credlin.
“We should never have gone all that way down to zero, but we did, and coming back from that is to get rates to somewhere half-sensible. “Only one in three people actually have a mortgage, two in three people don’t have a mortgage, half of those are renters, the other half are savers – it’s not working dramatically in terms of impacting on the economy and that really means the pain is going to be extended for longer and will go yet higher from this point.”
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