@megumidreamer Anecdotal only, almost all my mates have cut back spending HARD.
Even the wealthy DINK's are cutting back.
Up until mid last year, I'd be invited to at least a birthday or two a month at a restaurant in Sydney, that has come to a grinding halt. I have a dozen or so mates in a whatsapp chat, it took one brave soul to finally admit, they are not 'organising a birthday' because they know people are doing it tough and it's unfair to expect everyone to come out and spend a 100-200 to say happy bday.
Rate rises are doing two things:
1) those with mortgages have less cash to spend
2) those that don't have mortgages, but with cash/savings are saving more if they can given the opportunity cost (i.e. ~4-5% interest on savings).
Things may tick up in a month or two re inflation due to energy prices and utilities in general just rising in June/July. But a step in the right direction.
Inflation is not a good thing, I'm sorry if it hurts you to hear it, inflation is not a good thing. Even if you want rates to rise and crash the property prices so you can 'swoop in' and buy an inner city Sydney terrace at 30c on the dollar. If you've been ignoring what's happening, then open your eyes, interest rates are not stopping people from buying up these high in demand places.