Era of cheap credit over for Australian homeowners

Australian mortgage holders face an extended period of elevated interest rates as economists warn that cheap credit has ended. Chief economist Brian Parker from the Australian Retirement Trust explains that while interest rates surged after COVID-19 and may rise slightly further due to ongoing inflation concerns and global conflicts, the cash rate is expected to average between 3-3.5% long-term. The economic pain is unevenly distributed, with recent mortgage holders and renters experiencing significant pressure while those with paid-off mortgages and retirees with superannuation balances remain relatively stable.See omnystudio.com/listener for privacy information.