What does the RBA overhaul mean for stressed borrowers? Not much at least in the short term

With so much fanfare about the overhaul recommended in the Reserve Bank review, borrowers are no doubt wondering what it means for interest rates and higher mortgage repayments.

The answer is "probably not much" - at least initially with the changes expected to take not just months but a couple of years to implement.

But Pradeep Phillip head of Deloitte Access Economics told me that rather than thinking about the short term, borrowers will eventually be better off with a Reserve Bank that's better equipped to deal with challenging economic times