This is how much of a pay rise households needed this year to keep up in property market

With the Reserve Bank of Australia keeping rates unchanged, the impact of three earlier rate hikes and global uncertainties has strained household finances significantly. To keep pace with the escalating property market, households would have needed a pay rise of around 10.6% this year, according to recent analysis. This insight underscores the financial strain many Australians are facing, highlighting the need for policy measures to support affordability and economic stability amidst rising costs and property prices.