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There is only so much control RBA has over (mortgage) rates when our banks are at the mercy of foregin lenders. You might be right about days of 10%+ being over, but even a rise from 6% to 9% is a 50% increase in interest costs (a majority of the payment for those just starting repayments on...

I think including below historical norm interest rates in a measure of affordability is completely inappropriate. If someone buys a house today, mortgaged to the gills at low rates and interest rates started going up 6 months down the track and they are forced to sell was the property really...