The Wire

Thousands of homeowners struggling to pay off their mortgage are this week bracing for the worst, as another interest rate rise is expected to be handed down this Wednesday. Meanwhile, for those thousands of people renting or not even in the housing market, Kevin Rudd has announced a special savings account to help first-home buyers get started. The account will allow young investors to save their income without being slugged high tax rates. This announcement also comes on the back of extensive research by Roy Morgan that predicts young Australians are in danger of being locked out of the housing market entirely.