Martin North
speaker
89 appearances
1 recordings
1 series
first heard Aug 2022
last heard Aug 2022
Martin North’s voice in public audio — every appearance, attributed to the second.
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Appearances
And in New Zealand, they just announced recently that it started to tick up slightly.
We're seeing a little bit of sign of that in some other countries too.
So we may start to see unemployment begin to move up.
Now, if unemployment does start to rise, that's going to put huge additional pressure on many households.
But at the moment,
What people are doing is actually getting more jobs, part-time jobs to try and actually eke out additional income coming in to be able to cover the higher costs.
Those costs are rising dramatically.
Every 1% increase in the mortgage rate is about 15% in terms of monthly repayments.
So these are big changes.
So as long as people continue to work, that'll definitely dampen it.
But this is highly unusual.
Yeah, so a lot of people have 1.99% fixed rates at the moment, but they're going to be up at 4% or 5%.
That's a huge jump.
I think the best analogy is what happened in the US around what was called the adjustable rate loans.
That was before the global financial crisis.
Again, people were lured into...
very low rate loans.
And then suddenly the rates went up and it was the trigger of those higher rates that lifted defaults and then created the broader global financial crisis.
I think that's the better analog.
I've never known an example here in Australia where we've actually had this sort of similar thing play out until now.
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