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Down. How long can RBA deviate from FED rate rise? By holding out longer, it will only hurt the AUD/USD parity, in turn making import more expensive.
I don’t understand how rates have risen, many professionals have lost jobs, but mortgage repayment arrears have still remained low. One hypothesis is that some households have had savings accumulated through Covid etc which they have been eating through to meet repayments, and once these are exhausted we will see arrears (and eventually forced sales) increase
https://www.afr.com/property/residential/distressed-selling-on-the-rise-mcgrath-20230821-p5dy3p
Prices will continue to rise until morale improves