This is the comical thing about trying to control inflation using interest rates. The three main contributors to the latest CPI figure in order were transportation (5.6%), financial and insurance services (4.9%), and housing (4.8%). With them removed from the index, the rate might well be still within the RBA’s target range.
Of course, at some point the rates will turn the screws so thoroughly that the economy will tank, and then distress sales will drive prices down.
Looking for flats? ouch mates, keep it going, bad times…
Cheers!
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