Although there was little in last night's budget for millions of homeowners struggling under the weight of 11 recent interest rate hikes - one small detail could mean the end is over.
Households on lower incomes, renters and recent borrowers with large debts are the most at risk of financial stress after the Reserve Bank of Australia aggressively hiked interest rates.
Canstar research revealed homebuyers' wages are falling up to $145,000 short to buy a home without suffering mortgage stress in the country's capital cities.
The tenth consecutive interest rate rise is bad news for borrowers whose monthly repayments on a $500,000 loan have increased by $1051 since April 2021.
Borrowers on the precipice of a fixed-rate cliff are facing the difficult decision about whether to shop around for a better rate or wait and see how the economic landscape fares but experts warn the latter could have "costly" consequences.
Canstar analysis shows the historical average cash rate is 4.6 per cent which is a full 1.5 per cent higher than the current 10-year high of 3.1 per cent.
Owners of units in Melbourne and Canberra will wince at Domain's latest property report, which details record falls in unit prices following eight successive rate hikes.
New South Wales Opposition Leader Chris Minns has vowed to abolish stamp duty for almost all of first-home owners if Labor is elected in the upcoming March state election.
People are increasingly relying on credit to fund their holiday spending, in a further sign of household budgets stretching under the cost of living burden.
Real estate agent Sammie Baker bought her first home in July, a unit in the Brisbane suburb of Chermside, and since then her variable interest rate has more than doubled.
The First Home Buyer Choice scheme lets those buying their first property to opt out of paying stamp duty upfront in exchange for a smaller annual tax.
Sydney's property market has been hammered hardest of all the capital cities, with latest data showing average home prices have tumbled 10 per cent since February.
Big four bank Westpac has recorded a half-year statutory net profit of just under $3.3 billion, up an eye-watering 63 per cent on the six months prior.
Australia's interest rate is tipped to hit as high as 1.5 per cent by the middle of next year as the nation's central bank moves to put a cap on soaring inflation.
United Australia Party's billionaire chairman Clive Palmer has declared it will not preference any of the major parties in the upcoming Federal election.