Get all your news in one place.
100's of premium titles.
One app.
Start reading
The Guardian - AU
The Guardian - AU
National
Peter Hannam Economics correspondent

‘No buffers left’: borrowers turn to foodbanks as rate hike cranks up mortgage stress

houses
Mortgage arrears has become the top reason people give for calling financial counsellors. Photograph: Brendon Thorne/Getty Images

On the first Tuesday of each month, staff at Foodbank Australia brace for news of another interest rate rise by the Reserve Bank. They know what’s coming if there is one. “As early as the next day, we start seeing an increase in demand for food relief because people are so stretched right now,” the Foodbank Australia chief executive, Brianna Casey, tells Guardian Australia.

“There’s no buffers left for people to rely on,” Casey says. “So when we do see these increases, it’s an almost immediate impact on the household budget.”

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.