Mortgage stress primary driver of declining living standards

Mortgage stress primary driver of declining living standards

Rising mortgage stress is a key factor behind Australia’s decline in living standards, says a public policy think tank. In a research document, the Institute for Public Affairs notes that a typical full-time worker in Australia is paying 46 per cent of their earnings as mortgage repayments – up from 32 per cent in 2022. “A mortgage burden that rises so sharply over this brief time period highlights a sudden rise in financial stress and challeng…