Australians Squeezed by Higher Prices

 

Across Australia, household budgets are being tightly squeezed, with the cost of living soaring to a 21 year high. 

Although not surging as high as in other countries at 5.1%, Australia's inflation rate is outstripping wage growth (2.3%) meaning people have less money in their pockets every month.

Australia's Reserve Bank (RBA) increased interest rates (by 0.25% to 0.35%) for the first time in more than 11 years.

 It is estimated that 300,000 Australians could default on their mortgages as repayments increase.

Australia election 2022: Cost of living worries voters - BBC News