The Risks of Variable Rate Mortgages

In 2005, 2006 Australia was invited to join the G7 plus four countries. Australian mortgages go up and down with either the cash rate or at least the 90 day bill rate. 84% of our mortgages are variable rate. We had no idea that that's what they were talking about. But we just thought variable rate mortgages, well the same as Australian variable rate mortgages. You could have saved them. I don't know whether it would have saved the world,. but I think we would have put them on the spot and made them do a lot of more thought about it.