Rates are up, prices are starting to fall, and surcharges just got banned — a lot is moving at once. Every number below is sourced and dated, not vibes. Pick a calculator and run your actual situation.
4.60%
RBA cash rate
September 2026 — the 4th hike this year, the highest level since 2011
~$730k
Avg new mortgage
Up from ~$363k in 2011 — the same rate rise now bites roughly twice as hard
$0
Card surcharges
Banned nationally from 1 Oct 2026 — the price shown is the price you pay
Sources: RBA cash rate and 2026 mortgage-repayment impact figures per reporting on the RBA's September 2026 decision (The New Daily, MPA Magazine). National card surcharge ban effective 1 Oct 2026 (Kidman & Partners). House-price-fall context per Broker Daily and MPA Magazine. Last verified: .
Why does a small rate rise cost so much more now than it used to?
Because average mortgage balances have grown much faster than wages — the average new owner-occupier loan has roughly doubled since 2011, from about $363,000 to over $730,000. The same 0.25% rate rise now applies to a much bigger number, so each hike bites harder than it did a decade ago, even though the percentage move is identical.
Are card surcharges actually banned now?
Yes, as of 1 October 2026 businesses can no longer add a surcharge to card payments (eftpos, Mastercard, Visa and related networks), whether you pay online, in person, or by mobile wallet. The price you're shown has to be the price you pay.
Is the cost-of-living crisis actually as bad as it's made out to be?
It depends who you ask and which measure you look at — some surveyed economists have pushed back on "crisis" framing, while mortgage-holders on variable rates have seen very real, fast increases in repayments this year, and renters are carrying their own separate pressure. The honest answer is it's uneven: some households are fine, others are genuinely stretched, and averages hide both.