Veteran broadcaster David"Kochie" Koch has revealed his"two golden rules" for dealing with high interest rates as he offered advice to families struggling with the soaring cost of living.
"We've got a whole generation who are experiencing this kind of cost of living shock for the first time." While the recent rate pauses have helped provide some relief, Kochie warned the country was still a long way from returning to the low inflation landscape that has been the norm since about 2012. So, with challenging conditions set to stay, what does the former Sunrise host suggest to help ease the pain?
Kochie added that while shopping around could seem like a hassle, it was worth it in the long run due to the amount of savings on offer. Kochie urged Australians to pick up the phone and talk to banks or lenders about their problem, particularly when it came to mortgages. Picture: NCA Newswire Commbank CEO Matt Comyn said the bank's recent profits had put it in a strong position to"support our customers," as he acknowledged the"increasingly challenging" economic environment. Picture: Adam Yip
While pay rises have not been hard to come by, with Kochie saying the government has taken an"almost Oprah Winfrey like approach" in handing them out to a number of sectors, they have failed to keep up with rising prices."In fact, bracket creep means one of the biggest winners of the pay rises has actually been the government."