The Reserve Bank lifted the cash rate for the first time in two years yesterday, to 3.85 per cent. Exactly as mortgage holders have been fearing.

But what if many of us are not actually in the cost-of-living crisis that we keep being told that we’re in? And that this new interest rate is comparatively good?

Today, senior economics reporter Matt Wade on how obsessing over the cost of living hides the real challenges of our age.