Mortgage holders struggle as banks rake in billions | 60 Minutes Australia

In November 2023, the Reserve Bank of Australia (RBA) raised the official cash rate to 4.35% - sparking the 13th interest rate rise in the last 18 months - hitting mortgage holders hard and impacting real estate across the country.

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*Synopsis | Unlucky 13th (2023)*
Australians with a mortgage copped another crippling cost of living hit on Tuesday when the Reserve Bank raised the official cash rate to 4.35%. It’s the 13th interest rate rise in the last 18 months and means many people will now have to become magicians and conjure up money they don’t have if they’re to avoid defaulting on their home loans. Cruelly, the rate rise came in the same week as two of the four major banks announced enormous profits. Westpac and NAB made more than seven billion dollars each. As Tom Steinfort reports, the current state of Australia’s economy raises many questions, but perhaps the most important is how much more pain can mortgage holders endure?

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For over forty years, 60 Minutes Australia have been telling Australians the world’s greatest stories. Tales that changed history, our nation and our lives. Reporters Liz Hayes, Tom Steinfort, Tara Brown, Nick McKenzie and Amelia Adams look past the headlines because there is always a bigger picture. Sundays are for 60 Minutes Australia.

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