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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

Scientists from the University of Sheffield have collaborated on the production of a new telescope that will explore space for optical clues about violent cosmic events that create ripples, or waves, in the fabric of space itself. Observatories are currently only able to measure the effects of waves as they pass through our local swath of space-time, which makes it difficult to trace the origin of the source. The new telescope, named the Gravitational-wave Optical Transient Observer (GOTO), will fill this gap by searching for optical signals in the electromagnetic spectrum that might indicate the source of the wave. A new telescope, consisting of two identical arrays on opposite sides of the planet, one at La Palma in the Canary Islands and the other in Australia, has been produced to track the source of gravitational waves for the first time. The Gravitational-wave Optical Transient Observer (GOTO), a collaborative project led by the University of Warwick and with major contributions