$S&P 500 Index (.SPX.US)$$S&P/ASX 200 (.XJO.AU)$ The effect ...

The effect of higher interest rates has certainly hit Australia (and NZ) faster than the US due to variable mortgages vs fixed rates in the US.

I think the RBA accounted for this when they didn't increase rates as high as the US. Therefore, there may be less scope for the RBA to reduce rates compared to the US.

The scary thing for Australia that hasn't had much air time is that the iron ore price has dropped 20% this calendar year which is going to cause trouble.