Australians warned about ‘aggressive’ rate rises ahead, as financial pain looms

Australians are being warned the biggest financial crisis since the Great Depression could be just around the corner.

Anthony Murphy, CEO of financial company Lucerne Investment Partners, said he expects cash rates to increase as much as up to 5 per cent by the end of 2023.

“I think they’ll start raising rates in the second half of this year, and quite aggressively,” he said.

Tom Elliott says that would spell disaster for many.

“If rates were to go up that much, it would wipe a lot of people out,” the 3AW Drive said.

Mr Murphy said it wouldn’t just be the housing market impacted.

“I think we are in for tough times,” he said.

Press PLAY below to hear him explain why

Picture: Getty iStock