Beijing’s Covid contortions and Reserve Bank’s interest movements will provide the pain points for the year ahead
Each rate rise of 25 basis points adds about $75 to monthly repayments on a typical 25-year, $500,000 mortgage, according to RateCity. The 300bp increase since May has added about $834.
that about one in three outstanding home loans are on fixed terms and about two-thirds of these are due to expire by the end of 2023. For such borrowers, higher rates are unavoidable.Higher borrowing costs aimed at sapping demand from households and businesses alike mean major economies are likely to slow if not contract in 2023.
Even if a rising population will mean per-capita GDP growth may end up close to zero or even feel recessionary, the“The strong labour market underpins our view of the relative resilience of theThe RBA tips the jobless rate to remain at about 3.5%, or close to current levels, until mid-2023. By the end of 2024, it may still be about 4.25%, a level any treasurer since the early 1970s would have happily accepted.
such as Snowy Hydro’s giant pumped hydro project, was just the latest hit for the construction industry. Rising raw material costs and labour shortages have battered that sector particularly hard, Beadle said.“Pain points” are also showing up in industries such as hospitality, she said. Ongoing working-from-home habits have reduced foot traffic in the heart of major cities.
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