Counting the cost of interest rate hikes
The Reserve Bank isn’t shying away from the possibility of more interest rate hikes as new data out yesterday shows younger Aussies are being hit hardest by cost of living pressures. The Commbank iQ report found 25-29yos were the only group to cut back on essentials like food and fuel in the September quarter. Analysts say that makes sense because they are the group most likely to rent or be paying off a mortgage. Meanwhile, Aussies over 70yo are doing fine – they increased their non-essential spending at a greater pace than inflation thanks to healthy savings accounts. Researchers noted that younger generations spent more than the general population during the pandemic and were the first to start travelling again. And while they’re cutting back on essentials, younger peeps still found room in the budget for entertainment experiences. No wonder instant noodles are having a moment…
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