Cost of living pressures have been climbing this year with inflation,driven in part by global supply constraints,out-stripping wages growth.
While the Reserve Bank has signalled it does not expect to start lifting official interest rates until 2024. But financial markets are expecting rates to start climbing by the middle of next year and be at 1 percent by the end of 2022.
The last time official interest rates increased was in 2010.
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A survey by research firm McCrindle on behalf of the Finance Brokers Association of Australia,released on Monday found half of people quizzed said they would struggle to deal with a $300 a month increase in the average $572,000 mortgage.
Average petrol prices in many parts of Australia are at record levels over recent weeks,climbing above $1.70 a litre in Canberra,Hobart and Perth.
Across Sydney and Melbourne last week,unleaded petrol averaged about $1.65 a litre. Petrol is the single largest weekly purchase by the average household.