Reserve Bank governor Philip Lowe says 2022 had been a difficult time for many Australians bearing the brunt of cost-of-living pressures.

Addressing a parliamentary committee today, Mr Lowe admitted interest rate rises were “unwelcome for many people” especially Australians who had borrowed a significant of money for their mortgages in recent times.

“Well, thanks scoop, talk about the obvious,” Neil Breen said.

“Higher interest rates are burying people who over-extended and sent the housing market troppo in 2021.”

Neil said he wasn’t living in the real world, after Mr Lowe said high house prices were a result of people wanting to live in expensive coastal cities.

Press PLAY below to hear Neil’s comments in full

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