The Reserve Bank’s rate hikes, aimed at cooling the economy and fighting inflation, have hit the property market harder than expected—thanks to the government’s surprise May budget moves on negative gearing and capital gains tax. What was meant to be a solo economic maneuver has become an accidental partnership, unintentionally accelerating price drops. The ripple effect? Slumping demand for furniture, appliances, and household goods—and banks scrambling to lure fewer buyers. While neither side admits it, the combined squeeze is quietly curbing inflation—even as Sydney prices still hover above $1.5 million.
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