In this month’s Finder RBA Cash Rate Survey™, 40 experts and economists weighed in on future cash rate moves and other issues relating to the state of the economy.

All experts (100%, 40/40) correctly predicted a cash rate hold – keeping it at 4.35% in December.

Graham Cooke, head of consumer research at Finder, said many can’t wait for a rate cut.

“Thousands of stressed homeowners can’t manage much longer with soaring mortgage costs smashing household budgets.

“While we expect the RBA to start cutting the cash rate next year, many will struggle through the festive season with less money to spend than in previous years.”

Aussies with the average home loan size of $641,416 are now forking out $3,958 per month on repayments on average.

That’s $1,453 more per month – $17,436 more per year – than they were paying before the RBA started lifting the cash rate in May 2022.

Credit card dependence predicted to rise this Christmas

The majority of experts who weighed in* (54%, 13/24) expect Aussies to be more reliant on credit cards this Christmas compared to last year.

This comes as 29% of credit card holders say they couldn’t manage their finances without one, according to Finder’s Consumer Sentiment Tracker.

Finder’s data shows the average Aussie credit card holder was carrying $3,189 in credit card debt in November.

Cooke urged Australians to be cautious of spending on credit over the festive season.

“Credit cards can be a great financial tool to earn points, protect your purchases and build your credit, but they can quickly become a nightmare if you fall behind on your repayments.

“Embracing the silly season shouldn’t mean getting in over your head – you don’t want to go into the New Year with a Christmas debt hangover,” Cooke said.

How Donald Trump’s presidency will impact Australia’s economy

Fewer than 1 in 5 experts (17%, 5/30) believe Donald Trump’s second presidency will have a positive effect on the Australian economy.

2 in 5 (40% 12/30) think a second Trump term will negatively affect the Australian economy, while 20% (6/30) say they don’t know at this stage.

Almost 1 in 4 (23%, 7/30) think Trump’s effect will be neutral.

Source: Finder