Despite the record interest rate rises of the past month, the Australian Stock Exchange is expected to make gains on Wednesday despite increasing cost-of-living concerns.

The Finance Guru Scott Haywood told Gareth Parker on 6PR Breakfast the Russia-Ukraine crisis and floods on the east coast had contributed to the continuing rise in living costs for families.

“Everything is higher than expected, everything is costing more,” he said.

The rise in interest rates wouldn’t halt spending though, it would just shift the focus of the family budget.

“It’s going to be a shift in spending, not stopping spending, just a shift,” Haywood said.

“That’s what we learnt in the pandemic. We might not buy the $50 steak, or the $12 lettuce, but we’ll keep spending.”`

Press PLAY below to hear more post-interest rate rises insights from Scott Haywood.