Kochie Slams Rate Hike Plans for 'Devastating' Impact on Mortgage Holders

Compare the Market economic director David Koch has urged Reserve Bank of Australia (RBA) governor Michele Bullock to reconsider raising interest rates, citing the already-strained finances of mortgage holders.

Koch argued that households are being 'hit from all sides' due to high petrol and grocery prices, which are outside their control. He claimed that another rate hike would be devastating for many households.

'Australian households are doing it tough,' Koch said. 'Yes, inflation is going up, but that's not because of consumers spending too much. It's things outside of their control like petrol prices going up because of the conflict in the Middle East.'

Koch suggested that Bullock should talk to Treasurer Jim Chalmers about reducing government spending to help alleviate inflation.