Weekly Digest – 6 May 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
More Australians turning away from home ownership
A new study suggests that younger Australians are choosing to invest their money in stocks over buying a home. Around 43 percent said they would choose to invest their money instead of spending it, and 38 percent of those saying they would choose the stock market over a property.
Australia faces rental affordability crisis
A survey by Anglicare Australia has found that of 46,000 rental listings, and only one percent were affordable for someone receiving an age pension.
Some areas of Australia may be uninsurable by 2030
Extreme weather conditions may make some Australian homes uninsurable by 2030, potentially affecting as much as one in 25 households. The most at-risk areas were in flood and cyclone-prone areas of Queensland and Victoria.
Interest rates to increase
The Reserve Bank of Australia lifted the official cash rate to 0.35%, the first increase in more than 11 years. More rises are expected to come after consumer prices saw the highest increase in more than 20 years. This could result in more people exploring fixed-rate home loans.
Inflation hit 5.1 percent
Australia’s annual inflation rate hit 5.1 percent, the most rapid inflation increase since GST was introduced more than 20 years ago. Though this rate is high, the US and Europe have seen even higher inflation rates.
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