Home borrowers are working more hours, cutting spending and dipping into savings to cope with interest rate rises, but fewer than 2 per cent face “severe financial stress” within six months, the Reserve Bank of Australia says.
The RBA is alive to more searches on Google suggesting financial stress and an increase in demand for financial counselling and the National Debt Helpline.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
