Reserve Bank governor Michele Bullock has warned some people will have to sell their homes to stay afloat as inflation and rates bite.
Five per cent of the nation’s home borrowers are facing a “particularly challenging situation”, Reserve Bank governor Michele Bullock has revealed, saying some may have to sell their homes to stay financially afloat.
GDP figures this week revealed the economy barely grew through the June quarter with annual growth up just 1 per cent, its worst performance outside the COVID pandemic since the 1990-91 recession. Construction costs in the housing sector continue to be a key driver of inflation, according to RBA governor Michele Bullock.Bullock said apart from low-income households, younger people were also being hit by cost-of-living pressures.
But Bullock said while there was financial pain across parts of the community, the bank remained committed to bringing inflation which itself caused hardship for many Australians including the most vulnerable.
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