Graph 6  Changes in Outstanding Mortgage Rates* Month preceding first policy rate increase = 0** bps  bps Norway  200  200 Australia  150  150 NZ  Canada  100  100  50  50 UK  0 -50  0  0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 * **  -50  Data for Canada and NZ to January, remainder to February.
Cumulative basis point increase in the average outstanding mortgage rate relative to the month immediately preceding first policy rate increase since the onset of the pandemic. Sources: APRA; central banks; RBA  We are also conscious that the savings buffers are unevenly spread across households.