#apropos "#Borrowers are currently used as "shock absorbers" for Australia's financial system where variable-rate home loans dominate the market.The #ReserveBankAustralia acknowledged that the pain from their rate rise will be felt unevenly in the community."
oh really #rba ain't that the truth 😬 
more blurb on the topic but doesn't alter anything for that "unevenly affected community group" mentioned above :( #rbaFu
well done Australia, land of the *coughs* fair go@Heliograph Pretty much...fixing inflation structurally is hard and politically risky.
Better just to leave it up to monetary policy and make it the RBA's problem.
Worth remembering Fixed Rate House Loans are a peculiarly US thing. From a particular time, pre-war FDR America.
Australia had a conservative government, so it wasn't copied here. By the time Australia got a progressive government, it was WWII, and times had changed.
Australia has always been in the UK and than the US financial sphere. So the only chance of adoption here, was copying FDR in the 30s.
Currently we still parallel the UK. Variable or Fixed (3-5 yer)-Variable loans.
Less profitable for banks is exactly why it'll take an FDR/Whitlam for it to happen here. :( It's a pity Labor lost the 1949 election.
Heliograph
Phil Burg (he/him)
Noel Kelly
Hugs4friends ♾🇺🇦 🇵🇸😷