Rising rates the Christmas party pooper

Christmas looks set to be a subdued affair with the Reserve Bank having its finger on the trigger for an interest rate rise on Tuesday.
A new online survey, released on Monday by mortgage broker Loan Market Group, found a majority of respondents are planning to tighten their belts this Christmas due to rising interest rates.
Most market economists expect the Reserve Bank to raise the cash rate for an unprecedented third month in a row, lifting it by 25 basis points to 3.75 per cent.
This would add around a further $47 to monthly repayments on an average $300,000 mortgage.
"The low interest rate party is over," Loan Market Group chief operating officer Dean Ruston said releasing the survey results.
"This Christmas looks like being a fairly subdued one with rates on the way back up from record lows.
"Higher rates for many people would mean less money to spend this Christmas."
Of the 1,250 respondents to the survey, 56 per cent said they would be scaling back their celebrations and present buying.
Nearly a third said they would be putting extra money into their mortgage and credit cards, while one in seven said they would be asking for money as a gift rather than a purchased item.
But rising interest rates is not doom and gloom for everybody, with 30 per cent saying they would spending more on Christmas presents this year because of the economy's resilience.