Australian federal election campaign 2022: employment promises

The 2022 federal election campaign has begun in earnest. Prime Minister & Liberal MP for Cook Scott Morrison promises "to create1.3 million jobs over the next five years" [Sydney Morning Herald, 11 April 2022] and Opposition Leader & Liberal MP for Grayndler Anthony Albanese pledges "to support a road map released by Tech Council Australia (TCA) to reach 1.2 million jobs in the industry within eight years" [NEWS.com.au, 24 March 2022].

Perhaps before considering competing promises and any future claims one should look back on employment and jobs growth year-to-year for the four years since that regime change occurred.

Australian Bureau of Statistics- ANZ Research: National Job Vacancies(work available), Unemployment, Underemployment & All Hours Worked

6 September 2018: 178,322 advertised jobs available in August prior to Morrison becomes prime minister 24 August 2018

Seasonally adjusted in August there were: 

est.12,631,300 people listed as employed; 

est. 708,800 listed as unemployed; 

the unemployment rate was 5.3% and underemployment rate was 8.1%.

Total hours worked all jobs that month - 1,750.9 million.

6 September 2019: 156,978 advertised jobs available in August

Seasonally adjusted in August there were:

est. 12,926,900 people listed as employed; 

est. 716,800 people listed as unemployed; 

the unemployment rate was 5.3% and underemployment rate was 8.6%;

Total hours worked that month - 1,782.6 million.

Compared to August 2018 there were fewer available jobs, more people listed as unemployed and the underemployment rate was higher. More people were recorded as being in employment and national hours worked had risen.

7 February 2020: 149,544 advertised jobs available for January pre-COVID

Seasonally adjusted in January there were:

12,988,400 people listed as employed; 

725,500 people registered as unemployed; 

the unemployment rate was 5.3% and underemployment rate was 8.6%.

Total all hours worked that month - 1,778 million.

6 September 2020: 109,103 advertised jobs available in August

Seasonally adjusted in August there were: 

12,583,400 people listed as employed; 

921,800 people registered as unemployed; 

the unemployment rate was 6.8% and underemployment rate was 11.2%.

Total all hours worked that month - 1,683 million.

Compared to August 2019 there were fewer jobs available, less people were in employment, more people unemployed, the underemployment rate was higher and national hours worked had  fallen.

6 September 2021: 195,995 advertised jobs available in August

Seasonally adjusted in August there were:

13,022,600 people listed as employed; 

617,100 people listed as unemployed; 

the unemployment rate was 4.5% and underemployment rate was 9.3%;

Total all hours worked all jobs that month - 1,714 million.

Compared to August 2020 there were more jobs available, more people in employment, less people unemployed, the underemployment rate was lower and national hours worked had risen.

Between August 2018 and August 2021 all cited indicators fluctuated. However, by the end of that four year month-to-month comparison: the number of available jobs had risen by 17,673 in a resident population which had grown by est. 570,000 persons; people in employment had increased by 391,300; the unemployment rate was 0.8% lower; the underemployment rate1.2% higher; and national hours worked had fallen by 36.9 million.

4 March 2022: 228,170 advertised jobs available in February 

In February there were: 

13,372,000 people listed as employed; 

563,300 people registered as unemployed; 

seasonally adjusted the unemployment rate was 4.0% and underemployment rate 6.6%. 

Total all hours worked that month - 1,183 million. Most recent ABS data for 2022

Definitions

• Any person in the labour force who did paid work or who was only temporarily absent from paid work is considered employed. 
• Any person in the labour force who didn't do paid work and wasn't temporarily absent from paid work is considered unemployed.
• Any unemployed person who is no longer looking for work is considered not participating in the national labour force.
• Any person in paid employment who is not fully employed and is looking for and/or available to start work with more hours is considered to be underemployed.

SOURCES

https://media.anz.com/search-results?key=job+ad

https://www.abs.gov.au/statistics/labour

Dunoon Dam proposal debate continues to concern many in Northern New South Wales

Echo NetDaily, 8 April 2022:

A locally-based NSW Nationals MLC was recently pressured over his lack of consultation with Indigenous custodians regarding the contentious Dunoon Dam proposal.

According to the February 24 Hansard transcript of NSW Parliament, Minister for Aboriginal Affairs, Ben Franklin, was asked by Greens MP, Cate Faehrmann, if he had attempted to meet with the Widjabul Wia-bal people around their concerns about the impending destruction of 25 sacred sites, ‘should the Dunoon Dam go ahead’.

He replied in part, ‘The short answer is that I have not met with them yet. I do not think they have reached out to ask for a visit. I may be wrong, but I do not think that is the case. Of course, I would be happy to meet with them. I am happy to meet with any Aboriginal organisation or community across this State as much as I possibly can if my diary will allow’.

Mr Franklin also refused to pre-empt the outcome of any meeting, and said that, ‘We must genuinely collaborate and listen to their aims and ambitions and concerns in order to address them effectively’.

I am happy to meet with them

He went on: ‘Can we do that in every situation? No, because there are a range of competing interests within government and they must all be balanced. But I make the commitment that I am happy to meet with them’.

He added there was no plan on the table for the Dunoon Dam, ‘though there has certainly been discussion, and a different position has been promulgated by Rous County Council after the recent local government elections, which may lead to other actions. At the moment there is no plan on the table’. for the Government’s consideration. When there is one, obviously that will need to be considered’……

Ben Franklin has been a Nationals MLC for the last 7 years, first in the NSW Baird Government, then the Berejiklian Government and finally in the Perrottet Government. He has been Minister for Aboriginal Affairs as well as Minister for the Arts since December 2021. These are his first ministerial roles.

Despite living in Northern New South Wales, Mr. Franklin has a spotty voting history when it comes to protecting the aesthetic, environmental, cultural, social & economic values of local communities against the interests of industry lobby groups and party political donors.

On 4 February 2022 in the NSW Legislative Council as he danced around the issues of strong opposition of the Widjabul Wia-bal people to the widespread inundation of sacred land in order to create a second dam on Rocky Creek, along with the loss of 25 ancestral stone burial sites, he clearly stated that he was; “a very proud member of a resident of the northern rivers region of New South Wales and member of the National Party. As such, I understand the critical importance of building water infrastructure as well…..that we must look at what we need to do to build water and other infrastructure in this State”.

Mr. Franklin further stated that; “we must also be incredibly sympathetic to the concerns of Aboriginal people”.

Given his advocacy on sensitive issues often does not survive when it comes to the vote he casts in the Upper House, I am not all that hopeful that he will genuinely assist the Widjabul Wia-bal people to protect Country.

One suspects that he is likely to be more closely aligned with Kevin Hogan the Nationals MP for Page, one of only two federal electorates in the Northern Rivers, who clearly favours dam proposals.

Last Newspoll before 2022 federal general election was announced

 

Newspoll published on The Australian on 10 April 2022. Based on YouGov survey of 1,506 respondents conducted between 6 and 9 April.

RESULT

First Preference

Labor – 37% (-1)

Coalition – 36% (0)

Greens – 10% (0)

United Australia Party – 4% (+1)

One Nation – 3% (0)

Others – 10%

Two-Party Preferred 4 February 2018 to 10 April 2022

Click on image to enlarge

Two-Party Preferred 6-9 April 2022

Labor – 53% (-1)

Coalition – 47% (+1)

Based on Anthony Green’s Election Calculator this Two-Party Preferred result would see a 4.4% swing to Labor with 80 seats won (a gain of 11 seats) to Coalition with 65 seats won (a loss of 11 seats) and Minor Parties/Independents with 6 seats won - after factoring in retiring and sophomore MPs.

Preferred PM

Morrison (Coalition) – 44 (+1)

Albanese (Labor) – 39 (-3)

Uncommitted – 17 (+2)

Leaders Performance

Albanese – Approve 42 (-1) Disapprove 45 (+1)

Morrison – Approve 42 (0) Disapprove 54 (0)

Note:

Survey margin of error is ±2.5%

Comparing the Polls

IMAGE: 9 News, 10 April 2022
Click on image to enlarge

Top 10 Wealthy Federal Electorate and Bottom 10 Electorates - a very brief glimpse at the Australian experience of inequality

 

TOP 10 HOUSE OF REPRESENTATIVES ELECTORATES RANKED BY ORDER OF WEALTH IN 2020*

Wentworth (NSW) – Liberal – Dave Sharna since 2019 (general election) – No 1 electorate

Warringah (NSW) – Independent – Zali Steggall since 2019 (general election) – No 2 electorate

Bradfield (NSW) – Liberal – Paul Fletcher since 2009 (by-election) – No 3 electorate

North Sydney (NSW) – Liberal – Trent Zimmerman since 2015 (by-election) – No 4 electorate

Mackellar (NSW) – Liberal – Jason Falinski since 2016 (general election) – No 5

Cook (NSW) – Liberal – Scott Morrison since 2007 (general election) – No 6

Goldstein (Vic) – Liberal – Tim Wilson since 2016 (general election) – No 7

Higgins (Vic) – Liberal – Katie Allen since 2019 (general election) – No 8

Curtin (WA) – Liberal – Celia Hammond since 2019 (general election) – No 9

Kooyong (Vic) – Liberal – Josh Frydenberg since 2019 (general election) – No 10.

Four Liberal electorates in this group contain sitting members in the office of Prime Minister, Treasurer, Minister for Communications, Urban Infrastructure, Cities and the Arts and, Assistant Minister to the Minister for Industry, Energy and Emissions Reduction.

Within this group of wealthy electorates only est. 6.48% of all households were living below the poverty line. 

It should come as no surprise that in 10 electorates with the lowest wealth rankings:

5 were Labor electorates – Spence (SA), Brand (WA), Burt (WA), Blair (Qld), Chifley (NSW); and

5 were LNP/Nationals electorates – Herbert (Qld), Flynn (Qld), Forde (Qld), Longman (Qld), Capricornia (Qld).

Across these five Labor electorates est.13.38% of all households were living below the poverty line**, while across the other five LNP/Nationals electorates est.12.18% of all households were living below the poverty line.

The two NSW Northern Rivers federal electorates ranked 25th (Richmond –  Labor since 2004) and 112th (Page – Nationals since 2013 general election) for average wealth per capita. With Richmond having 14% of all households living below the poverty line and Page having 16.4% of households.

NOTE: 

* Order of wealth is calculated by average per capita wealth in an electorate as set out in Roy Morgan Wealth Report, 1 May 2020.

** RMIT ABC Fact Check, "Federal electorates ranked by percentage of households below the poverty line", 24 October 2019.

Following Scott John Morrison's announcement today of a 41-day political party campaign in leadup to the 21 May 2022 federal general election polling day - as promised total listing to date of the 316 nicknames & descriptive political terms applied to Morrison on social media demonstrating how much he is 'admired'

Self-proclaimed ‘Scomo’ Scott Morrison’s other nicknames and the descriptive political terms applied to him by the general public up to 8 April 2022

Listed in no particular order and presented as hashtags for readers’ convenience. Some of these nicknames and descriptive political terms surfaced for a single tweet or post while others were repeated and shared multiple times. Sometimes similar hashtags appear to represent different aspects of Scott Morrison’s behaviour over time. This is not an exhaustive list – it is likely there are tweets and posts I did not happen to see. One hashtag has been left off this list because the level of profanity was problematic.

#LiarFromTheShire #ScottyFromMarketing #ScumMo #SloMo #SmoKo #StuntMo #ScamMo #ScoMoFo #ScoMocchio #ProMo #FauxMo #CoalMo #GunnaDoMorrison #CrimeMinister #PrimeSinister #MorriScum #SloganBogan #ScoMoses #KoalaKiller #SmirkyMcSmirkface #TyphoidScotty #Bullshitboy #NotMyPM #ScottyFromSportsRorts #GrottyScotty #SideshowScott #TheJerkWithTheSmirk #TheEngadineShitter #HappyClappySloganBogan #ScottyNoMates #ScottyBornToShill #SnollygosterInChief #TrumpsBitch #ScoMoron #SmirkingSnake #SignificuntScotty #DeathMaker #ScottyTheAnnouncer #TheSmugThug #ScuntMo #JobShirker #JobDodger #ShirknSmirk #ScottyTheSaviour #MissionCreepMorrison #ScottyTheSimp #ScottyFromGilead #MaliciousMorrison #TrumpLite #ScottyTheBully #ScoFuckingMo #ScottyGanda #FoghornLiehorn #MansplainerInChief #Scooter #ScottyForPhotoShoots #ScottyThePoser #PerformativeShitclown #BunningsBoy #ScoVid #ScottyTheSkiver #PinchfartMorrison #ScottyWotty #ScottyNeverHelped #SnottyTheGrifter #RoboScomo #ScumNut #ScottyFromGasMarketing #ScottAllMouthNoTrousersMorrison  #KimJongScottyUn #Scrotum #Fullofshiticus #ScottyGaveMeShingles #CaptainSmirk #McFuckface #SideshowScott #ScottyFromPhotoOps #DoughMo #ScottyTheUninvited #ScottyStoppedTheExports #ScottyThePutz #scottyfkntrump #SmirkAndMirrorsMorrison #ScottyNeverHelped #ScottyMIA #Slomoaf #InactionMan #SnakeOilScumo #NoShowMo #WhatsInItForScotty #ScottyTheFukwit #ScottyTheCharlatan #ScottyDoNothing #SnottieTheSpiv #ScottyTheVile #ShonkyFromTheStartScotty #ScottyKnew #ScottyFromCoverUps #ScottyTheRapistProtector #ScottyTheUnsavoury #ScottyTheQueueJumper #ScottyTheMisogynist #ScottyDoesNothing #PastorBumblefuck #ScottyIPromiseNotToShootWimmensMorrison  #Squirmo #Scrotum #ScottyTheUnhinged #ScottyUnfitForOffice #LordSmirkington #ScottyTheGaslighter #ScottyFromDamageControl #SpinMeisterMorrison #ScottyTheLiar #ClotMorrison #Scoflake #ScareMo #MilkshakeMorrison #MealeyMouthMorriscum #ScottyBlahBlah #CanDooDooMorrison #MorrisonTheSpiritualAbuser #ScottyTheChosenOne #ScottyFromHillsong #ScottAlmighty #ScottyTheIntern #SquattyFromMarketing #MilkshakeTwerkinJerkinMotormouth #PariahFromTheShire #scroto #ElSmirko #ScottTheArseholePrick #ClottyTheEagleOfGod #TheLastKingofCookland #ScottyFromBlathering #Scomozzle #ScottyFromCarpeting #Scoff #Scovid #ScottyFromQanon #ScottyTheTosser #FakeScott #Moronson #ScottytheChildAbuser  #ScottytheMonster #ScottyTheSerialUnderachiever #QanonPM #RoboSco #ScottyNoFriends #sQomo #Sqotty #QanonPM #ScottyFromStuffUps #LunaticInTheLodge #ScottyTheSuperSpreader #CrookFromCook #ClotMo #Smuggo #ScottyTheFaker #ScottyInHiding #ScottyTheProtocolCreep #ScottyTheObserver #ScottyTheAntichrist #SCOalMOle #ScottyTheDictator #ScottyFromHairPlugs #MorrisonTheOneManBand #WallpaperGuy #ScottyTheMaliciousAdvisor #ScottyFromMuppeting #ScottyTheBlameShifter #ScottyTheCoward #HuffMuffMorrison #SirMoron #MassMurdererMorrison #GotOffScottFreeMorrison #EvilBully #Clotty #Morrisogynist #AlohaScotty #IonlyHoldAPoseMorrison #JesusMorrison #ShoutyMcDickhead #ShoutyMcShoutface #ScottyFromGlasgow #PrimeMinisterForNSW #ScottyTheClimateFake #ComboverMorrison #LordOfTheLies #MorrisonTheDestroyer #TheAustralianWayPrimeFailure #PrimeFailureMorrison #ScottyHasAPamphlet #ScottyHasAPlan #ScottyThePariah #ScottyTheTraitor #ScottyTheLeaker #MorrisonPantsOnFire #DimwitDipshitDropkickClown #MorrisonNoShow #ScottyThePalterer #ScottyTheCoalFondler #LooseLipsMorrison #PrimeArsonist #ScottyThePathologicalLiar #TickTockScuntMo #ScottyTheSmugBastard #HawaiiScoMo #ScottyDontHoldAHose #ScottytheDogWhistler #ScottyTheNasty #TickTockScottym #CanDoCapitalismAndWontDoGovernmentMorrison #PrimeMemeMinister #ShanghaiScott #SnotMorrison #ScottytheLiarbyOmission #BooooScottyBoooo #BooHooScotty #ArrogantScott #SmirkingLumpOfSentientPizzaDough #Scomicron #ScottyCouldntGiveaRats #ScottyFromEugenics #RATPM #RestingSmugFace #PapaSmirk #ScottytheFailure #RentaGospelScottMorrison #MotormouthMorrison #PrimeMonsterMorrison #ScottyTheMediaWhore #GoSlowScomo #ScottTheUnlikeable #CantCountMorrison #ScottNoIdea #ScottyTheCreep #AbsoluteArseholeMorrison #ScottyFromHairdressing #ScottyNoEmpathy #ScottyTheWanker #PrimeIncompetent #ScottyTheIdiotInCharge #SensitiveScotty #ScottyTheTool #ScottyTheFraud #MorrisonTheCallousHypocrite #MorrisonFail #ShitshowMorrison #ScottyTheDickhead #ScottyTheShitMagnet #ScottyThePsycho #Psychomo #ScottyTheAbsolutePsycho #KirribilliHillbilli #ScottyTheBludger #ScottyTheGutlessWonder #ScottyFromDressups #MorrisonTheManipulator #MachiavellianMorrison #ScottyDoesSweetFA #ScottyFromWelding #PartTimeMPScott #JustForShowMorrison #BubbleMerchant #Scumo4Armageddon #ScottyTheGreatPretender #ShysterFromTheShire #ScottyTheScumbag #ScottyTheGutless #MorrisonTheNarcissist #MorrisonTheCallousChristian #MorrisonTheChristianHypocrite #MorrisonTheShapeShifter #MorrisonTheBully #LameSinister #ScottyTheRacist #TwoTimesSackedScotty #ScottyTheWarmonger #ScottyTheApocalypse      #ScottyheClotProtector #ScottyFromAnnounceables #ScottyThePrick#RortMan #MorrisonFromEugenics #NotFitToBePrimeMinisterMorrison #ScottyTheWrecker #ScaredyCatScotty #ScottyDontManAFloodboat #CaptainAustralia #BooedAtAFuneralMorrison #DelusionalScotty #Scomocron #Slimo #ScottyWetPants #ScottyThe[insert emoji here] #ScottyTheBlamer #ScottyTheShitMagnet #ScottyTheSmirkingAssassin #ScottytheDodger #ScottyTheScuttler #ScottyTheBlowHard #ScottyTheBullshitter #ScottyTheBulky #ScottyTheThief #ScottyTheBaldy #ScottyTheBusBoy #Scottythe[fill in the next word] #ScottyTheController #ScottyThe-fill-in-fuckup #ScottyTheDrongo #ScottyFromSky #ToxicScotty #ScottyFromSkidMarketing #KingOfKirribilli #PrimeGaslighter #worstPMever

TOTAL 316

Addendum

added 13 May 2022

#ScottyMustGo #ScottyTheWelder #ScottyTheCloseFriendOfChildren #OneJobMorrison #CowardFromCook #AllTinselNoTreeMorrison #ScatMo #PrimeMinisterForPenmanship

TOTAL 324

 

So how does the Reserve Bank see household finances across Australia in April 2022?

 

Although global financial systems have held up during the COVID-19 global pandemic, by April 2022 the Russian invasion of Ukraine and subsequent risk of financial stress caused by sanctions had become a factor in the international financial equation. Thus far any risk for Australia's economy appears to be considered manageable.

However, with interest rates expected to begin to rise again by June 2022, real wages growth still in what has been an 8 year-long stagnation with no light on the horizon, home insurance rates predicted to rise by more than 10 per cent on the back of widespread flooding on the Australian east coast, a continuing shortage of affordable housing stock with overall housing supply also expected to significantly drop and, annual residential rental growth continuing to rise sharply, the next few years may not be as manageable for some households.

Here are excepts from the Reserve Bank’s assessment of household and business finances.

Reserve Bank of Australia, Financial Stability Review April 2022, Household and Business Finances:

The incidence of household financial stress is low and declining, but a small share of households are vulnerable to cash flow shocks …

The share of APRA-regulated lenders’ non-performing housing loans was just 0.9 per cent at the end of 2021 – lower than before the pandemic (see ‘Chapter 3: The Australian Financial System’). Almost all borrowers who have exited loan payment deferral arrangements available earlier in the pandemic are now up to date with their repayments. The recent strength in employment is likely to have offset the unwinding in fiscal policy support for most indebted households. For the small number of borrowers who are currently experiencing repayment difficulties, liaison with banks indicates that the vast majority had been experiencing problems prior to the pandemic, and that early indicators of financial stress in other borrowers (such as households reducing their prepayments) remain very low.

Households in flood-affected areas of New South Wales and Queensland are facing significant challenges. To alleviate near-term financial challenges, government disaster-relief payments and hardship assistance from lenders have been made available. Recent estimates suggest that the number of insurance claims is higher than following the 2011 Queensland floods and Cyclone Yasi; although, to date, the total value of claims has been lower as fewer homes require rebuilding. Banks direct exposures to the most heavily affected households are small relative to total lending.

More broadly, the small share of borrowers with low liquidity buffers are more likely than other borrowers to have their financial resilience tested if they experience an adverse shock to their incomes or expenses, including through higher inflation. The risks for households with low liquidity buffers are likely to be even higher for those whose payment buffers have been declining (as opposed to low and stable) and for those who also have high levels of debt. The Securitisation data indicate that, for owner-occupiers with variable-rate loans, the overall share of borrowers with a loan six or more times their income and a buffer of less than one month of minimum repayments has declined since the beginning of the pandemic, to just below 1 per cent (Graph 2.4). The share of owner-occupier variable-rate borrowers with low and declining buffers has decreased to around 2 per cent over the same period. Declines in the shares of both groups of vulnerable borrowers are partly due to lower interest rates.

Historically, renters have been more likely to experience financial stress than indebted owner-occupiers. According to the Household, Income and Labour Dynamics in Australia (HILDA) survey, around one-third of renters reported at least one instance of financial stress (such as being unable to pay a bill on time or heat their home) in 2020, compared to one-sixth of owner-occupiers (Graph 2.5). Although renters are unlikely to pose direct risks to the stability of the financial system (as they have less debt), financial stress for renters could translate to repayment difficulties for indebted landlords or pose indirect risks by constraining household consumption and so economic activity. Renters with a combination of low liquidity buffers prior to the pandemic (equivalent to less than one month of disposable income) and high housing cost burdens (rental payments equivalent to more than 30 per cent of disposable income) were much more likely to report financial stress than other households. Around 15 per cent of renters were vulnerable based on this metric in 2020.

Although the value of consumer debt has declined over recent years, there has been strong growth in households using buy now, pay later (BNPL) services. BNPL services are generally a form of short-term financing that allow consumers to pay for goods and services in instalments. It is estimated that the value of BNPL transactions increased by around 40 per cent over the year to the December quarter of 2021, and the total number of BNPL accounts was equivalent to around one-third of the adult population (although some people have more than one account). There have been some increases in the incidence of late payments on these products. However, the value of BNPL transactions remains relatively small compared to other forms of personal finance, with the value of domestic personal credit and charge card purchases on Australian issued cards around 15 times larger than BNPL transactions in the December quarter of 2021.

… including a small share of borrowers who could struggle to service their debts as a result of higher interest rates and/or inflation

….Around 60 per cent of all borrowers currently have variable-rate loans, with around two-thirds of these being owner-occupiers. Scenario analysis using information in the Securitisation dataset indicates that if variable mortgage rates were to increase by 200 basis points:

• just over 40 per cent of these borrowers made average monthly payments over the past year that would be large enough to cover the increase in required repayments (Graph 2.6)

• a further 20 per cent would face an increase in their repayments of no more than 20 per cent

• around 25 per cent of variable-rate owner-occupiers would see their repayments increase by more than 30 per cent of their current repayments; however, around half of these borrowers have accumulated excess payment buffers equivalent to one year’s worth of their current minimum repayments that could therefore help ease their transition to higher repayments

• the share of borrowers facing a debt servicing ratio greater than 30 per cent (a commonly used threshold for ‘high’ repayment burdens) would increase from around 10 per cent to just under 20 per cent.

One caveat is that households’ average monthly mortgage payments over the past year may have been larger than might reasonably be expected going forward, especially as previous spending patterns resume alongside the recovery in economic activity. It is difficult to draw inferences about the capacity of investors with variable-rate loans to make higher repayments, as they tend not to make excess mortgage payments (and other forms of saving are less visible in available data).

Most borrowers with fixed-rate loans are also likely to be able to handle the increases in their repayments when their fixed-rate terms expire. 

Many borrowers have taken advantage of very low interest rates on fixed-rate products in recent years; in late 2021, almost 40 per cent of outstanding housing lending had fixed interest rates – roughly double the share at the start of 2020. Around three-quarters of currently outstanding fixed-rate loans will expire by the end of 2023……

Read the full analysis here.