Leading economists of two of Australia’s major banks and corporate consulting firm EY have called a peak to official interest rates, and see house prices returning to record highs when rates start falling next year.
“We’re spending more money on things we really don’t like spending more money on,” he said. “The biggest increase in spending at the end of July was on insurance, up 13 per cent, the second largest was health, the third largest was education. But we’re also spending money on bigger events.” But ultimately, Halmarick said, consumer spending would continue to soften and start to decline by the end of the year, prompting the RBA to start lowering interest rates through 2024.Meanwhile, house prices would continue to rise due to a surge in migration and a shortfall in home construction, Halmarick said.
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