Prospective Australian home buyers are facing some of the biggest price increases in the developed world, new research shows while evidence grows the economy is struggling as higher interest rates force more businesses to the wall.
Economists believe official interest rates will start falling in Australia in the second half of this year in a development that would take some pressure off a property market that is near record affordability levels.“Higher mortgage rates could result in higher debt-to-income ratios and a progressive deterioration in housing affordability which could spur a further home price correction,” it noted.
“Of particular concern is the continued high level of trade payment defaults which, coupled with the ATO now lodging defaults for tax debts outstanding of $100,000 or more at increasing rates, means that more and more businesses are unable to meet their supplier payments on time,” she says. The IMF, in its annual world economic outlook, expects the Australian economy to expand by 1.5 per cent this year before improving to 2 per cent in 2025. While inflation is forecast to edge down to 3 per cent next year, unemployment is tipped to increase from around 3.7 per cent to 4.5 per cent.
term. It may do so, but the potential for serious disruptions in labor and financial markets is high,” he said.
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