The Albanese government faces an intensifying economic squeeze if the Reserve Bank of Australia lifts official interest rates for a fifth time this year on Tuesday, a move that will add more than $6000 to annual payments on an average mortgage and accelerate a property downturn that new data shows is running at its fastest pace in 40 years.
The RBA’s widely anticipated lifting of the cash rate to an 18-year high of 4.85 per cent will increase home loan payments to the highest share of household income for a median-priced home since the late 1980s under Labor .
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