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Just when you thought it was safe to go back in the water (cue the Jaws music), interest rates have risen sharply in recent days on a tide of veritable economic woe.

We even have some economists reviving Paul Keating’s infamous “Banana Republic” warning amidst stronger than expected economic growth, rampant oil prices and signs of inflation becoming entrenched, perhaps even verging on stagflation. Well hold my elephant gun Minnie, the sky hasn’t fallen in just yet. Has it? Expect some normality and stability to resume over coming days.

BBSW30 has jumped to 7.6850% with BBSW90 at 7.8267%. Interestingly the gap between these two rates is at its narrowest in months, not that its much consolation to borrowers right now. Fixed rates have also risen by a corresponding amount to range between 7.99%-8.22%.