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AAP

Business

Poppy Johnston

Borrowers cutting back with more pain to come: RBA

RBA Christopher Kent Stephen Halmarick CBA

Australians are expected to cut back on spending due to increasing mortgage payments. (Flavio Brancaleone/AAP PHOTOS)

A dozen interest rate hikes are taking longer than usual to squeeze household budgets due to the sizeable share of fixed rate loans.

The four percentage points of monetary policy tightening since May 2022 is starting to slow growth in demand and bring down inflation, RBA assistant governor Christopher Kent said in a Bloomberg address on Wednesday.

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