RBA rate rise leaves no wiggle room for struggling families
Families across Australia who are already struggling financially fear today's rate rise announcement will have dire consequences for their budgets.
Steve Whittington, a single father in Melbourne, told Today there is no doubt the eventual rate rise will put added pressure on his family, regardless of whether it comes today or not.
"I am already I am on a pretty tight budget," Steve told Today.
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Single father of two Steve Whittington told Today things were already tough financially ahead of the RBA rate rise announcement. Today
READ MORE: How RBA rate rise will impact property prices
"For example, I source the kids' school uniforms from the secondhand shop - I am really conscious about grocery shopping, so, where there are discounts, I use those.
"And recently I had to cancel my daughter's piano lessons just because I know even if I can manage it now, I might not be able to next month and then it will put us in real financial difficulty."
Steve said it is a tough lesson for a six and eight-year-old to learn, but he has to remind them those are discretionary items and food, safety and utilities are more important.
"So sometimes we have to make sacrifices."
Steve said it is a tough lesson for a six and eight-year-old to learn. Getty
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He said he will try to shield the children from the impacts on money as much as possible, there are going to be some sacrifices but he will do everything he can.
"The house will be the last thing to go, put it that way," he said.
Watch the full segment above
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