High dollar helping Aussie households, RBA says

The Reserve Bank of Australia (RBA) has suggested that the strength of the dollar has benefited households across the country in the past decade.

Representatives of the institution stated that while Aussies' wages have increased sharply, the price of everyday goods has largely remained flat, the Australian Associated Press reports.

Deputy governor of the RBA Phillip Lowe believes that the mining boom and increased demand for Australian resources has led to more people have greater spending power.

"The stable prices for many goods, combined with strong disposable income growth, means there is more disposable income to be spent on services," he remarked.

However, it seems that the recession has finally caught up with many Aussies, as the Courier-Mail recently reported that people living in Queensland are experiencing financial hardships, predominantly because they are unable to cope with rising property costs throughout the state.

Campaign group Australians for Affordable Housing said the value of coastal properties has gone up sharply in recent years due to heightened demand.

Get more information on the latest Reserve Bank interest rates with Mozo.  ADNFCR-1761-ID-801294210-ADNFCR