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Wither Rates Now? With Steve Mickenbecker

I discuss the latest rate moves with Steve from Canstar. Steve Mickenbecker is in Canstar’s Group Executive Team, bringing more than 30 years of experience in the Australian financial services industry. As a financial commentator for Canstar, Steve enjoys sharing his expertise across topics such as home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and more.

https://www.canstar.com.au/team-members/steve-mickenbecker/

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  1. We have no choice but be higher than the US Fed fund rate to refinance our $2tn foreign debt.What foreign banks will lend Australia money at a lower rate than they can get from the US government. Even if the RBA won't match the overnight US Fed rate, our banks have to get new and refinancing money at the higher overseas rates.

  2. So surrender to inflation and then let cost of living and cost of materials and energy eventually collapse the asset bubbles along with everything else, currency included. Raising rates is the lesser evil. Yes the asset bubbles implode but at least there is something left to rebuild. 4% that is a reasonable rate at the minimum by historical standards and considering the cpi.

  3. It's very strange as people are still in Shopping Centres every day eating, and most are in their 20s and 30s I am an old fart , so they either have no mortgage, or are renting , but are they in a job!

  4. Thanks for this episode on rates.
    I refinanced last year to 2 4 % before rate hikes. Instead of keeping money on deposits at 3.5% variable, i decided to pay 1 year on my principal mortgage since you don't make any money on deposits.

  5. Im extremely weary of bail-in laws being enacted hence y i have very little in the bank.
    Safe to assume if u had money in a term deposit, it would also be at risk with a bail-in??

  6. RBA , Still Want's More Inflation , Zimbabwe here we Come ! IMHO .
    That will Fix the Debt Problem , So Spend up and Borrow , and spend up .
    MMT , just print more Money 🙂

  7. People who took out large home loans should have been smart enough to allow for interest rates to increase by at least 5% … if they didn’t then they only have THEMSELVES to blame🙄

  8. For the sensible borrower the last couple of years has been an absolute boon!
    I borrowed $175k in October 2020 and have paid it down to $10k today.
    No frills CBA variable that started out at 2.69% – I’ve paid a grand total of $2,376.25 in interest!
    It hasn’t been easy and required sacrifice, like swapping the $30k 4WD for a $600 shitbox, selling off unwanted junk, shopping at Aldi and staying at home.
    Another couple of months and the CBA can kiss my arse.
    The level of financial illiteracy in this country is mind boggling.

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