Chanticleer
Australia’s savings buffer gone by March, consumption to take a hit
Fixed rate mortgages, pandemic-era savings and a hot jobs market have sheltered Australian households. But the dominoes are falling and economists worry the savings buffer is almost gone.
Forget about the latest run in bond yields for a minute, and think about how much the cost of money has already changed in the past three years.
Three years ago, you could get a three-year fixed mortgage from a big four Australian bank for a tick over 2 per cent. Now you would be looking at about 6.5 per cent, at best.
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