Australia has fairly short fixed term mortgages. There are people who are barely recovering from covid effects on the interest rates. There are many who lost everything. Another bout of "high interest rates are a blunt instrument" could cause serious problems.

Note. This doesn't affect me, and I have strong opinions on the property market in Australia, but I'm pointing out that many people will go to the wall if interest rates are increased again,despite how much I think they may deserve it.