Minister For Financial Services Jane Hume On Interest Rates, Cost Of Living And Housing Affordability

Woody And Tubes asking the big questions


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 Australia's four big banks have moved to lift mortgage rates in line with the RBA's increased interest rates for the first time in more than a decade.

Jane Hume, Minister for Financial Services, joined Woody and Tubes to discuss the rise, saying unfortunately it was inevitable:

"I can't remember a time in history where they'd been 0.1 per cent for 18 months - so at some stages when the market normalised and we come out of Covid, we really did have to see mortgage rates go up," she said, saying she believed the rise wouldn't impact most people significantly, with payments only increased by about $21 per week. 

Woody however, disagreed: 

"Some people they are struggling - cost of living is through the roof, especially in Tasmania - that could be huge for some people," she said.  

Take a listen to their conversation: 

The Commonwealth Bank, ANZ, Westpac and NAB have all passed on the full 25-basis-point increase from the RBA which saw the rate jump from 0.10 per cent to 0.35 per cent, marking the first rate rise since November 2010.

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4 May 2022




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