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As Mott points out, “in the previous cycle, households tended to default for three reasons: unemployment; family disorders or health problems”. But this cycle is likely to look very different, with unemployment unlikely to rise from historical lows. Instead, what worries Mott is the speed with which interest rates are rising, and how fast housing debt has accumulated in recent years. The inflation/tariff story is well known; Expectations for a 0.5 percent rate hike on Tuesday will bring rates to 1.85 percent, from just 0.35 percent in May, and ANZ expects rates to hit 3.35 percent by the end of the year. Warning from history But Mott also provides some interesting historical context for how debt has accumulated, looking at the last 10 housing cycles to study the potential impact of rising interest rates on credit growth. Particularly striking is the magnitude of the growth in mortgage commitments in the two years prior to this housing decline; The 70.1 percent increase in housing c

China’s LDV T60 power tool has just been sold in New Zealand. Next stop: Australia. Here’s everything we know so far. 0 See 7 pictures The first power line sold in Australia is on track to be on local roads by the end of this year or from early 2023 – from an unexpected source. China LDV eT60 destined to beat the titans of the ute category to the power market in Australia for several years. But an electric ute from China is already increasing production. See 7 pictures The Chinese LDV T60 electric just sold in New Zealand is called the EVT60. However, the same model will be with a slightly different name will be released in Australian showrooms in the next six months or so. Australian pricing for the eT60 LDV has yet to be announced. Initial estimates peg it at around $60,000, which is roughly $20,000 more expensive than the equivalent diesel model. However, this estimate may be understated given the significant increase in the cost of rare earth materials going into electric car b

Get ready to travel back into the universe earlier this week as scientists prepare to reveal the most detailed snapshot ever taken of our cosmos. One of the first full-color images released from the new James Webb Space Telescope (JWST) promises to catapult us further into the past than we’ve ever seen before. Load “We will give humanity a new view of the cosmos,” said NASA administrator Bill Nelson. The image, which will reveal some of the earliest galaxies and stars that formed after the Big Bang 13.8 billion years ago, is one of four to be released at 12:30 a.m. (AEST) on Wednesday. “What I’ve seen has moved me as a scientist, as an engineer, as a human being,” said NASA deputy administrator Pam Melroy. Along with the deepest views of the universe, other images the team promised to blow our heads include: The spectacular dust cloud known as the Carina Nebula, the birthplace of stars A group of colliding galaxies called Stephan’s Quintet A large gas bubble known as the Southern Ring