Victoria's budget is tipped to reveal a staggering bill to pay-off the state's multi-billion dollar COVID-19 lockdown debt when it is released tomorrow.
Although there was little in last night's budget for millions of homeowners struggling under the weight of 11 recent interest rate hikes - one small detail could mean the end is over.
It will be a "close call" when the RBA meets next week, as new figures show inflation has slowed to 7 per cent as cash-strapped Aussies cut their spending.
Australia's competition regulator is calling on banks and customers to share their views on the competition and consumer issues affecting how interest rates are set.
The central bank revealed in its board meeting minutes prior to announcing its April decision members considered hiking the cash rate again as the beat of inflation remained stubbornly high.
Households on lower incomes, renters and recent borrowers with large debts are the most at risk of financial stress after the Reserve Bank of Australia aggressively hiked interest rates.
Philip Lowe warned Australians not to become complacent after the central bank decided to pause its relentless interest rate rises at 3.6 per cent in April as there are still economic headwinds ahead.
Canstar research revealed homebuyers' wages are falling up to $145,000 short to buy a home without suffering mortgage stress in the country's capital cities.
The tenth consecutive interest rate rise is bad news for borrowers whose monthly repayments on a $500,000 loan have increased by $1051 since April 2021.
With inflation stubbornly high, wage growth stagnate and rental prices on the rise, Australians are feeling the pinch in a way many have never experienced before.
Suicide Prevention Australia's latest quarterly data has shown 46 per cent of Australians have reported an elevated distress level from cost of living pressures.
Borrowers on the precipice of a fixed-rate cliff are facing the difficult decision about whether to shop around for a better rate or wait and see how the economic landscape fares but experts warn the latter could have "costly" consequences.
Borrowers are forecast to become increasingly trapped in their mortgages after Australia's financial regulator decided to keep a high buffer on home loans to prepare for future rate rises.