This is correct, and also wages are rising faster than inflation. Very very few households with mortgages are actually at risk of defaulting (so low the number is essentially zero), and both banks and households can sustain higher interest rates than we're seeing.

Much more info (with numbers and charts) in Bernard Hickey's post from a few days ago.

https://thekaka.substack.com/p/incomes-are-rising-faster-tha...