Rising interest rates and high inflation are likely to take a big bite out of household budgets come the new year, experts say. 9News
It's delivered a plan it says will help take the sting out of rising power costs and cheaper childcare kicks in next July, but many are still feeling the pressure.With some economists tipping another three rate hikes next year, the message to mortgage holders is prepare to pay more.
"Look at that number, make sure it fits into your budget and if it doesn't, start making cutbacks right now," she said.AMP Capital's Chief Economist Shane Oliver said the economy will slow in 2023."I think as we go through next year we'll see a sharp slowing of the economy as the impact of higher interest rates start to show up," he said.
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