Housing – Page 2 – Michmutters

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Business

Home prices in ‘affordable’ regional Queensland towns continue to rise as national housing market drops

Man and woman smiling in front of their weatherboard home painted blue and cream, near a tree.

A 25-year-old buying a two-storey house with a picturesque garden for just over $300,000 harks back to the early 1990s.

But in outback Queensland towns such as Longreach, it’s the norm.

The Reserve Bank of Australia yesterday raised interest rates for the fourth consecutive month, but Longreach resident Ben Galea said he was not stressed.

“When it comes time for my fixed interest rate to change … I don’t have to change my lifestyle,” Mr Galea said.

“It’s a great town. It’s buzzing. There are a lot of young people here. There are lots to do, lots of sports. It’s brilliant.

“There are things that we don’t have out here. It costs money to fly back to the coast. You don’t see family as often. These are the things you give up.”

As interest rates rise, home values ​​in Australia are dropping at their fastest pace since the global financial crisis, with the latest data showing that the nation’s median property value has dropped by 2 per cent since the beginning of May, to $747,182.

Lush green backyard with smoke rising from a pizza oven.
Mr Galea purchased his home last year for $310,000 at a “beautiful” fixed rate of 1.9 per cent.(Supplied)

But parts of regional Queensland are tipped to be more insulated from price drops than cities, and some regions have continued to see property prices increase in the last month.

Regional Australia Institute chief executive Liz Ritchie said it was mostly due to housing affordability in the regions.

“What we won’t see is the markets in regional Australia and regional Queensland fall as sharply,” she said.

“In the past couple of years, regions have seen significant price growth… but this is off years of just having steady incremental growth.

“The shocks that we’re seeing with interest rate hikes just won’t be felt in the same way, particularly in Queensland’s more rural and remote communities.”

Regional buyers ‘not overly worried’

Toowoomba-based Heritage Bank’s chief operating officer Dan Dredge said recent hikes to interest rates had not affected the number of people applying for home loans in regional Queensland through his bank.

Young man lighting a fire with a circle of friends.
Mr Galea says he loves the lifestyle and community in western Queensland.(ABC Western Qld: Victoria Pengilley)

“We’re not seeing people being overly worried about interest rate rises,” Mr Dredge said.

“What we’re seeing is people budgeting and setting their expectations on higher interest rates, moving forward.”

Data from CoreLogic found dwelling values ​​in regional Queensland fell by 0.8 per cent in July, compared to larger falls of 2.2 per cent in Sydney and 1.5 per cent in Melbourne.

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Categories
Australia

Ballarat exhibition takes visitors deep into homelessness experiences

Play Video. Duration: 5 minutes 26 seconds

Jeremey Gunning admits he is worried people will think the worst of him.

He sits on a chair in the center of Ballarat’s Trades Hall, surrounded by a display of photographs which share the most personal and darkest moments of his life with the world.

“I seem confident, but on the inside, I worry about the judgement,” he said.

The photograph display shows Mr Gunning, with wild hair and a long beard, his dog, a large stack of firewood and his car and a 1970s van parked in the bush near Creswick.

Next to those images taken during his 18 months living homeless are others from some of his proudest and happiest moments.

A man in a checkered shirt with a bun points to photos of him on a black wall.
Jeremey Gunning is sharing his journey through photos in a Ballarat exhibition. (ABC News: Rochelle Kirkham)

He accepts a scholarship at a Federation University event in one image and smiles with a group of people he is now working with in his role as a peer support worker at Uniting Ballarat.

A man receives an award on stage, a man hands it to him.
Mr Gunning receives a study scholarship at a Federation University event. (Supplied: Federation University)

Homelessness Week exhibition

Mr Gunning’s story is part of the Experiencing Homelessness exhibition open to the public this week.

It aims to break down the stigmas of homelessness and encourage community action.

A selfie of a man in the bush wearing a cap and jumper with a beard.
Mr Gunning took this photo on his first day of homelessness in the bush near Creswick. (Supplied: Jeremey Gunning)

He said his photo selection highlighted his journey from the bush to a unit in Creswick and how support from Uniting’s Street 2 Home program got his life back on track.

“I thought it was important to show people the generosity that is required to help people out of homelessness. It works,” Mr Gunning said.

Mr Gunning’s experience of homelessness began three years ago when he was battling depression, experiencing deteriorating physical health and lost his job.

A man in a checkered shirt stands in front of photos on a black background.
Mr Gunning wants to break down stigmas of homelessness to encourage more kindness. (ABC News: Rochelle Kirkham)

He had worked his whole life but said he gave up when his issues felt overwhelming.

He bought a rundown van for $400 and headed out to the bush near Creswick, then Mount Franklin and Slaty Creek, with his dog.

A run down yellow van in the bush.
Mr Gunning lived in a 1970s van he bought for $400.(Supplied: Jeremey Gunning)

He had no income and didn’t sign up for Centrelink benefits until Uniting Street 2 Home workers found him camped out and offered practical help and ultimately, a home.

Collecting firewood became a daily job to fuel the large fire that heated his van and cooked his food.

The smell of smoke masked his body odour.

A photo of a fire at a campground
Mr Gunning’s fire was his only cooking source while he was living in the bush.(Supplied: Jeremey Gunning)

“So many of my photos are of my fire,” Mr Gunning said. “It was pretty cold out there.”

He said his disability made it harder to get firewood so he adapted as he went along.

“The fire was a big part of my journey,” he said.

A dog lying on the ground in the bush.
Mr Gunning’s dog was his companion while he lived in the bush.(Supplied: Jeremey Gunning)

Mr Gunning was diagnosed with spinocerebellar ataxia, a degenerative condition which causes problems with balance, co-ordination, slurred speech, muscle stiffness and cramps.

Uniting’s support to move into a unit led to improvements in his physical and mental health, a new study venture in community services and a job as a peer support worker with the program that helped him.

A photo of a car covered in snow and a skinny bald man in the bush.
Mr Gunning’s exhibition features pictures taken while he was living rough.(ABC News: Rochelle Kirkham)

“It has been a funny week for me,” Mr Gunning said while looking at his display of photos with his son.

“There has been a lot of reflection and a lot of memories that have come up.”

He said everyone’s journey into, through and out of homelessness was completely different. Yo

“It is emotional, it is ours, we own it,” he said.

“By me doing this, I hope I am challenging the stigma that is attached to homelessness. I need to tell my story because there is stigma, and it needs to go.

Community call to action

A woman sits in front of photos on a black wall and gum leaves.
Juelz Sanders organized the Experiencing Homelessness exhibition.(ABC News: Rochelle Kirkham)

Street 2 Home case worker and homelessness exhibition coordinator Juelz Sanders said the exhibition was an “incredible opportunity” for the community to listen and understand.

She said the situation was dire and services needed community help because they could not meet demand on their own.

Uniting Ballarat has had to turn away 570 people who were seeking help at reception so far this year, because there were no appointments left to meet them.

Senior manager homelessness Adam Liversage said it was concerning and heartbreaking for staff.

“That unmet demand is increasing, and we are projecting that there will be 1200 people we aren’t going to get to [by the end of the year],” he said.

“This is the first time we are seeing such a demand on our services.”

A man stands in front of artwork on a black background with his arms in front of his body,
Adam Liversage says the demand for services is unprecedented.(ABC News: Rochelle Kirkham)

There are currently almost 180 households waiting for housing and support on the over 25s priority list in Ballarat, including 84 families.

“We are seeing interest rate increases and the median rental prices increase to $419 in Ballarat,” Mr Liversage said.

“That is unaffordable on any Centrelink benefit and for those on the average incomes as well.”

People feel judged

The Ballarat Experiencing Homelessness exhibition shares many other heartbreaking stories of homelessness.

Beck, not their real name, spent three years living in her car with her two dogs after a family relationship breakdown and violence and trauma in the family home.

“I think one of the hardest things for me when I was homeless was the way people look at you,” she wrote in a display for the exhibition.

“The way they would stare, or point, or mutter things, or look at you with pity or disgust.

“Many people assume you’re a drug addict or I hear them say ‘something is wrong with her that she is homeless’, but they have no idea what’s happened or is happening in your life.”

Photos on a black background.
Mr Gunning’s photos show how support helped him through homelessness. (ABC News: Rochelle Kirkham)

Uniting Ballarat is hosting a Take Action Day on Friday to encourage residents to sign up to volunteer and donate items like sleeping bags, non-perishable food and blankets.

Ms Sanders said her biggest wish was for people to be kind and understanding of people experiencing homelessness.

“It is an incredible opportunity for us to listen as a community and for the community to really understand,” she said.

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Categories
Australia

Calls for more social housing and higher allowances for Tasmania’s homeless youth

A young woman in a park.

Layla was only in grade eight when she found herself on the streets.

After family conflict, she spent four months homeless, couch surfing, going to shelters and even sleeping rough.

Now, at 16, she understands more than most about what lies behind a statistic.

“When I was on the streets, I think I went to school three times the whole time I was out there. I didn’t have a social life … I didn’t know what was going to happen,” she said.

“Towards the end of it, I was at a house that wasn’t the nicest of houses, but I had a roof over my head most nights,” she said.

It was an incident she does not want to detail that prompted her to seek a different path.

“One thing opened up my eyes and I didn’t want to stay out there, so I packed up my crap and just went home.”

Layla then stayed with her sister and began rebuilding her life.

Homelessness on the rise

The latest Census data on homelessness will not be released until next year, but support groups say it is already apparent the issue has worsened over the past five years.

Patti Chugg Shelter Tasmania.
Shelter Tasmania’s Pattie Chugg says the state has the highest proportion of people who are homeless.(ABC News: Scott Ross)

A recent Mission Australia survey found that, during the COVID pandemic, more than one in 30 young Tasmanians experienced homelessness for the first time in their lives.

Pattie Chugg from Shelter Tasmania said 6,600 people a year accessed housing services and that number was increasing all the time.

“Tasmania has the highest proportion of people [who] are homeless because they haven’t got affordable rental, and for young people that’s exacerbated very much for them when they are on lower incomes, part-time [or] casual wages or Youth Allowance,” Ms Chugg said.

“It’s a really simple equation in some ways. We’ve got a lot of people on low incomes. We’ve got rents that are rising and then those two things come together. It is the people with the least amount of resources [who] are the ones missing out the most.

“We’ve got this perfect storm really of not enough affordable housing to house people in Tasmania.”

Middle group emerging

Tania Hunt smiles at the camera.
Tania Hunt from the Youth Network of Tasmania has called for more social housing for young people.(ABC News: Maren Preuss)

Advocacy group Youth Network of Tasmania is concerned there is an emerging group of young people who are homeless because they do not qualify for the public housing waiting list.

“We are seeing young people {who]are not necessarily eligible for social housing, and can’t afford to enter the rental market. So, what do we do for those individuals?” Youth Network chief executive Tanya Hunt asked.

“They need to be allocated more social housing in my view. They need to be prioritized, to reduce homelessness in our community.

“We know that there is high youth unemployment in Tasmania. We know that underemployment is a significant issue. [There’s] transport disadvantage, low incomes — there’s a range of challenges that contribute to housing insecurity and homelessness for young Tasmanians.”

Ms Hunt said the COVID-19 pandemic had also taken a toll.

“Young people experienced unprecedented job losses and a range of other challenges that resulted in housing insecurity and homelessness.”

She said it was difficult to know the exact number, but young people were over represented in the homeless population.

“The problem in Tasmania is often hidden, with young people couch surfing with friends and family, sleeping in their cars and sleeping rough.”

Both Shelter Tasmania and Youth Network say that increasing the Youth Allowance is key to keeping young people off the streets.

“Very few people know how little Youth Allowance is: It’s only $500 a fortnight,” Ms Chugg said.

“Why is Youth Allowance so low and less than an adult’s income on unemployment and other benefits when all their other costs are the same?”

Youth homelessness. Good generic.
Support groups say there is a growing disparity between government youth payments and rental prices.(abcnews)

State government urged to do more

Hobart City Councilor Jax Fox was behind a move to cap new, short-stay accommodation in an effort to increase rental stock, a measure that is now before the Planning Commission.

In the past, they have also couch surfed and lived in tents, but they say it was “very much on the light end” of homelessness.

“When I was younger my family would just kind of camp, we moved around a lot. It was very socially isolating,” Cr Fox said.

Jax Fox looks away from the camera.
Hobart City Councilor Jax Fox has experienced couch surfing and living in tents.(ABC News: Maren Preuss)

“Housing is the first thing that you need to survive.

“If you don’t know somebody who is going through this, or has gone through this, you are deliberately not looking, because it’s everywhere.”

The Tasmanian government has promised to build 10,000 homes in the next 10 years but Cr Fox says even that is not sufficient.

“There are 4,000 families — not individuals, families — on the [waiting] list now. So, if we are going to build houses just for them without the list growing, it is going to take four or five years for the current demand to be met.”

Cr Fox wants more money for emergency housing, access to hotels and a vacancy tax.

“Aside from building more housing, we need a vacancy tax. There are heaps of empty houses around Hobart,” Cr Fox said.

“If people can sit on houses as investments and incomes when others are starving on the streets, how detached from reality do you have to be to think that’s an OK thing to do?

“We should ban short-stay accommodation altogether.”

Data shows that, once a young person experiences homelessness, they are more likely to do so again in later life.

Two women standing in a park.
Layla, pictured with her support worker, Heidi, is no longer homeless and tries to help others who are.(ABC News: Maren Preuss)

And being homeless brings with it complications that are hard to overcome.

Understanding much of that, Layla is now looking out for others in the same predicament.

“We’ve got a friend down at the supermarket who is homeless and we help him out every time we go down there. Every day he is there,” Layla said.

“Everyday he’s there and he lives up in a tent in South Hobart and he’s freezing at the moment.

“We bought him some tuna and stuff last night and he can’t even get Centrelink because he doesn’t have a home address. It’s a bit sad.”

Blankets and sheets under a bridge in northern Tasmania.
Unemployment and transport disadvantage are some of the factors at play in youth homelessness.(ABC News: April McLennan)

Pattie Chugg has urged young people to seek out support services by contacting Housing Connect.

“It’s important to make contact through school, support services. There is help there and it’s important our youngest citizens are looked after.”

Premier Jeremy Rockliff said his governments’ plan for 10,000 affordable homes over the next 10 years was “a number that is no doubt a challenge, but we will get there.”

He said the government “recognizes the pressures of homelessness [and we are] looking behind the reasons for homelessness, the mental health pressures, people’s health and wellbeing.”

Mr Rockliff said the government would “engage with key stakeholders such as the Tasmanian Council of Social Service and other advocates in ensuring we have the right policy settings and investment is targeted in the right areas.”

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Categories
Australia

Borrowers to feel the heat as RBA raises rates again, but new customers get cheaper deals

a skyline with houses

As the Reserve Bank raises interest rates for the fourth time in four months, home loan borrowers are bracing for more repayment pain.

The official interest rate is now at its highest level in six years, at 1.85 per cent, up from a record low of 0.1 per cent at the start of May.

Some economists say the RBA is only halfway through its rate-hiking cycle, with the goal of reaching, or even exceeding, 3 per cent by the end of the year.

As the cost of money goes up, the big four banks have dramatically raised interest rates for existing customers with variable-rate loans, and more rate rises are expected.

RateCity said bank customers could expect to see an average variable rate of 4.61 per cent if today’s RBA rate rise was passed on in full.

It said the accumulated 1.75 per cent rise in borrowing costs that had occurred since early May would add an extra $472 a month to mortgage repayments for the typical borrower with a 25-year, $500,000 loan.

Borrowers with a $1 million mortgage would have to pay an extra $944 a month.

Table showing monthly mortgage repayment estimates
RateCity’s estimate of the cost of RBA rate rises on monthly mortgage repayments. (RateCity: Supplied)

Fixed rates are rising

The rates offered for new fixed-rate loans are rising noticeably.

It comes as new Australian Bureau of Statistics (ABS) data show the proportion of new home loans being written with fixed rates has plunged to 9 per cent, down from the July 2021 peak of 46 per cent.

Sally Tindall, the research director at RateCity.com.au, said 90 lenders raised rates on fixed-term home loans last month before this latest increase.

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Categories
Australia

Calls for better government assistance amid booming rental market

A green 'for rent' sign with LEASED stickers stuck on it.

Leading housing experts have called for a major overhaul of the government’s rent assistance program, describing the payments to low-income households as “inadequate” while rental costs continue to skyrocket.

An analysis of the scheme by the Australian Housing and Urban Research Institute (AHURI) also found households which were not in rental stress were still receiving payments, while people living in hugely expensive areas were not getting enough.

AHURI managing director Michael Fotheringham said the key issue with the government’s rental assistance was that the payments rose with overall inflation and were not directly linked to rising rental costs or geographic rental trends.

“One of the challenges is that it is not targeted to renters in any way,” Mr Fotheringham said.

“Someone in inner-Sydney has the same amount [of support] as someone in Hobart or Perth.”

His analysis of the system found that the new government could save money if it targeted low-income households in areas where rents had risen significantly.

“Some of the households receiving it are not in rental stress. They are relatively low income but paying relatively low rent as well,” he said.

‘I had nowhere else to go’

A woman wearing a blue jacket.
Andrea Ferris says she gets $47 a fortnight in rental assistance.(ABC News: Eddy Gill)

Single mother Andrea Ferris said rent assistance “barely covers milk and bread” for the week and she was barely able to survive as rents increased.

Rents in Ms Ferris’s hometown, the Gold Coast, have increased 21 per cent in the past year.

With vacancies across the country at record lows, she was forced to settle for a three-bedroom house well out of her budget.

“I had nowhere else to go. It was looking pretty scary, I was looking at moving into a friend’s room with the kids,” she said.

“We came three weeks from homelessness.

“I don’t buy fruit and vegetables. The doctor said my iron is low and asked me if I eat red meat and I said, ‘I don’t. I can’t afford it.'”

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Categories
Australia

South Australia’s public housing shortage worsens, as number of people on waiting list reaches 17,000

A person sleeping wrapped in a blanket in the middle of a grassy reserve, city streets and cars in the background

Work has begun on the first stages of the South Australian government’s plan to build 400 new public houses as advocates say the housing shortage is worsening by the day.

There are currently 17,000 people on the waiting list for public housing in South Australia, with nearly 4,000 of those in category one, deemed in urgent need of shelter.

The state government has budgeted $177 million on its plan to build 400 new public houses across metropolitan Adelaide and regional South Australia.

So far, the construction of 44 homes has been given the green light in Kilburn, Woodville Gardens, Parafield Gardens, Salisbury Downs, Elizabeth Park, Elizabeth East, Elizabeth South, Elizabeth Downs and Morphettville.

The state government has confirmed contracts will soon be signed for another 33 homes in metropolitan Adelaide and regional areas, including Mount Gambier, Murray Bridge and Mount Barker.

Out of the 400 new homes, 200 will be built in greater Adelaide, 150 in regional areas and 50 will be built for people experiencing homelessness.

A woman with brown hair and glasses with a concerned expression on her face
Housing Trust Tenants Association assistant secretary Julie Macdonald says rent relief is desperately needed to prevent more people becoming homeless. (abcnews)

‘It’s getting worse’

Housing Trust Tenants Association assistant secretary Julie Macdonald said the extra houses were a “good start” to address the worsening situation.

“It’s getting worse. We’ve got so many homeless people because they can’t afford to rent privately so there’s more people out there waiting for housing,” she said.

“The people on this list are couch-surfing. They’re living in their cars. They’re on the street. They’re desperate for housing.”

Ms Macdonald said more hostels and supported accommodation was needed and that rent relief was crucial to prevent more people becoming homeless.

“Rent relief needs to rise because people just can’t afford the rents that have gone up so badly,” she said.

“We have got so many people in this state who are vulnerable and homeless and absolutely just torn apart with the way housing costs are rising at the moment.”

A woman wearing a purple blazer and purple lipstick with a serious expression
Human Services Minister Nat Cook says her department is working day and night to get more people into housing. (abcnews)

Human Services Minister Nat Cook said people in the most-urgent category include those who have fled domestic violence, children, people with disabilities, elderly people and people with complex mental health problems.

“All of those co-existing situations are taken into account when we are assessing who requires the most-urgent attention,” she said.

“Every day my office works in collaboration with community service providers, local advocates, families and the housing authority to ensure that people’s situations are truly and accurately reflected within that category.

“You see people jumping up in categories overnight because of some sort of catastrophe that happens in their life and we have to make sure that we have a service-provision model that is able to be proactive and reactive at the same time and that’s what I believe we’re doing now with the investments.”

Upgrades and maintenance

In addition to building extra public houses, the government is also planning to carry out major upgrades on 350 vacant homes and fix up 3,000 properties so they can be made available.

“We live in a great state, in a First World country, and we can’t have a situation where people are literally homeless. We can afford to do more,” Premier Peter Malinauskas said.

“That’s why we went to the election with a substantial increase in funding for public housing in the state and we’re now rolling it out as quickly as we can because we know the urgency that exists within the community.”

A woman with glasses and a fringe wearing a white shirt and blazer stands in front of a grassed area
Shadow Minister for Social and Community Housing Michelle Lensink says she’s concerned the costings don’t add up. (abcnews)

Shadow Minister for Social and Community Housing Michelle Lensink said she had concerns about the government’s proposal.

“While we welcome initiatives to get South Australians into a home, there are huge concerns [that] properties previously allocated for affordable housing have been swiped to help prop-up Labor’s poorly costed public housing policy,” she said.

“Smoke and mirrors aside, this could be a case of Labor cutting off its nose to spite its face and that there aren’t really any additional homes coming online.”

She called for the government to check the costs on the initiative to ensure “all the figures still stack up”.

“We are also worried Labor’s costings don’t take into account huge price hikes in supplies and labour.”

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Categories
Business

Property prices Australia: Home prices tipped to dive in wake of RBA rate hikes – but still remain well above pre-pandemic levels

Property prices Australia: Home prices tipped to dive in wake of RBA rate hikes - but still remain well above pre-pandemic levels

Property prices across the country are tipped to fall up to another 5 per cent before the year is out, a new report forecasts.

The mid-year report by market analyst PropTrack predicts the average property price nationally will drop between 2 per cent and 5 per cent by the end of December.

By the end of next year, they are expected to fall further, potentially as much as another 10 per cent.

Watch the latest News on Channel 7 or stream for free on 7plus >>

PropTrack director of economic research and report author Cameron Kusher said the research highlighted the rapidly changing housing market.

“While there were already some signs that the rate of price growth was slowing at the beginning of this year, we were not expecting interest rates to rise until early 2023,” he said.

“There’s since been an outbreak of inflation, resulting in the Reserve Bank (RBA) lifting rates in each of the three months to July 2022.”

Property prices across the country are tipped to fall up to another 5 per cent before the year is out, a new report forecasts. Credit: James Ross/AAPIMAGE

The cash rate is currently 1.35 per cent but is expected to be hiked for a fourth consecutive month when the board meets on Tuesday.

That follows the release of the latest consumer price index figures, showing Australia’s inflation rate had risen to 6.1 per cent.

The PropTrack research operates on the assumption that the cash rate would rise to between 2.5 per cent and 3 per cent by the end of 2022.

They would then be subject to further hikes at the beginning of 2023 before remaining on hold, with the potential to be reduced late in the year or early into 2024.

Watch more on the RBA’s rate decisions in the video below

Kochie rips into RBA over rate rises.

Kochie rips into RBA over rate rises.

“The recent run-up in prices, coupled with reducing borrowing capacities as interest rates rise, is likely to see price falls broaden and then accelerate further into 2023, with the more expensive cities expected to record the largest price falls,” Kusher said.

The report predicts that the most expensive cities, Sydney and Melbourne, will lead the falls in prices.

They would decline between 3 per cent and 6 per cent this year and 9 per cent and 12 per cent in 2023.

According to PropTrack, the average price of a house and unit in Sydney is $1,435,000 and $780,000 respectively, meaning a worst-case scenario would shave $86,100 off the price of a house and $46,800 off the price of a unit before the year is out.

Hobart’s prices are forecast to decline between 1 per cent and 4 per cent this year and 7 per cent and 10 per cent next year.

Darwin’s are projected to drop between 0 per cent and 3 per cent this year and between 4 per cent and 7 per cent next year.

Canberra’s are projected to decline between 3 per cent and 6 per cent this year and 7 per cent and 10 per cent next year.

The only capital cities forecast to show a growth in prices for the rest of the year are Adelaide and Perth.

Property prices in both cities are forecast to increase by between 2 per cent and 5 per cent.

Brisbane’s prices may also increase, with a projection of between 2 per cent growth and 1 per cent decline.

The report, however, isn’t all good news for prospective buyers.

Even if there was a 15 per cent fall in property prices by the end of next year, home prices would still be well above the level they were prior to the pandemic.

“Though, home prices have grown at an exceptional pace over the last two years, rising 34 per cent since the pandemic onset in February 2020.”

The report predicts that the most expensive cities, Sydney and Melbourne, will lead the falls in prices. Credit: DAN HIMBRECHTS/AAPIMAGE

Economists predict another interest rate hike when the RBA board meets on Tuesday following the release of Australia’s inflation rate, which jumped to 6.1 per cent.

Treasurer Dr Jim Chalmers said the figures were “not news” to many Australians.

But he did forecast more interest rates would follow.

“They’ve flagged themselves, the Reserve Bank Governor has said that there are more interest rate rises to come and people need to brace for that,” he said.

“I’m not prepared to nominate a number. The Treasury, when they make their forecasts, they use an assumption about what the market is expecting and it’s not really for me to do that.

“But interest rates are going to go up further, and that will make life harder for people who are already dealing with these skyrocketing costs of living.”

Aussie men win gold in 4x100m freestyle

Aussie men win gold in 4x100m freestyle

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