You’d be stretched to find many people who haven’t felt the impacts of the nation’s cost-of-living crisis.
But, Yahoo Finance contributor David Koch said one group has copped it more than any other – young mortgage holders.
So if you’re prone to wheeling out the infamous smashed avo remark, Kochie isn’t a fan.
“Young homeowners paying off a mortgage have carried the nation through the cost-of-living crisis,” the Compare the Market economic director said.
“They’ve had the worst of everything – higher prices at the supermarket, higher rates at the bank, plus the cost of everything from insurance to council rates going up.
“And of course, they had to spend much more to purchase a home in the first place.”
New research from Compare the Market found someone with an average loan of around $600,000 would have seen their monthly repayments rise from $2,218 to $3,694 as the cash rate increased to 4.35 per cent between May 2022 and November 2023.
Koch attributed the efforts of this generation to bringing inflation “back in the Reserve Bank’s target range”.
“They’ve tightened their belts, cut back on spending, and reckon its time some of that pressure came off,” he said.