property prices


PHOTO: Latest ABS data has put national household net worth at $10.2 trillion. Picture: Richard Walker.Source:News Corp Australia

If you’re feeling a bit poorer today, here’s a very good reason why — and also the reason you need to go for broke now, according to experts.

Household debt has hit record highs with homes putting more their income towards paying down their debt — effectively going for broke while interest rates were low, according to latest figures from the Australian Bureau of Statistics and CoreLogic analysis.

About 9.1 per cent of household disposable income was going on interest payments in December — the highest level it’s been since September 2013, according to CoreLogic research analyst Cameron Kusher.

“Despite the cash rate tracking at generational lows, households are paying a proportionally higher share of interest than they have in many years.”