Just under a third of Australia’s 9.8 million homes are owned outright, while more than a third are owned with a mortgage, the 2021 census has found.
Reserve Bank governor Philip Lowe does not expect Australia to fall into another recession as a result of raising interest rates to contain inflation.
Consumer confidence sank to levels not seen since the early stages of the COVID-19 pandemic two years ago in response to last week’s larger-than-expected cash interest rate hike by the central bank.
Growth in new homes sales declined in May and further falls are anticipated as rising interest rates begin to bite.
While consumer confidence appears to have stabilised after weeks of decline over concerns about cost of living pressures, new treasurer Jim Chalmers has sounded a warning that inflation has further to rise.