Andrea Brischetto, head of the RBA's financial stability department, said less than two per cent of variable-rate owner-occupier borrowers were at "real risk" of not having enough income and savings to meet basic expenses or defaulting on mortgage payments.
A sharper uptick in unemployment or more interest rate rises would push this number higher, though RBA analysis suggests the bulk of borrowers would be able to ride it out.
Ms Brischetto said households were making "difficult adjustments" as higher interest rates caused monthly repayments to balloon for those on variable loans.
"The number of borrowers in severe financial stress has risen," she said.
"However, most borrowers have been resilient and even in the case of an economic downturn, this is likely to remain the case."
The economic growth update from the Australian Bureau of Statistics this week painted a picture of a struggling household sector, with spending flat and the household saving ratio falling to its lowest level since 2007.
Ms Brischetto said high inflation and an assertive series of interest rate hikes had reduced households' spare income.
Most households had managed to adjust by taking on extra hours of work, spending less on discretionary items, and drawing down on savings or squirrelling less away than they usually would.
These adjustments mean few households are in the later stages of financial stress, with almost 99 per cent of loans on schedule or ahead.
Households are drawing down on savings or squirrelling away less than they usually would. (Morgan Sette/AAP PHOTOS)
Also on Friday, the first update to the "statement on the conduct of monetary policy" was released since the Albanese government was elected.
The refreshed set of instructions reflected findings from an independent review into the key institution.
Tweaks to the way the central bank manages its dual mandate of full employment and price stability have been outlined, including a commitment to targeting the mid-point of the two-three per cent target range.
"The Reserve Bank board sets monetary policy such that inflation is expected to return to the midpoint of the target," the statement outlines.
Some economists suggest this could have implications for the round of policy tightening under way, with the RBA hoping to have inflation back to 2.9 per cent by the end of 2025 based on up-to-date forecasts.
AMP chief economist Shane Oliver said there was still a lot of flexibility built into the statement, namely that the RBA can determine the timing of getting back to the mid-point based on "economic circumstances" and decision making should "balance the price stability and full employment objectives".
"So they could push the target out to 2026 as they are hoping to keep the gains in employment," Dr Oliver said.
The statement also specifies the central bank's role in achieving the government's stated objective of "sustained and inclusive full employment", which is "where everyone who wants a job can find one without searching for too long".
"The Reserve Bank board and government agree that the Reserve Bank board's role within this is to focus on achieving sustained full employment, which is the current maximum level of employment that is consistent with low and stable inflation," the statement read.
It also confirms key structural changes set out by the review, including confirmation that anonymous votes of board members will be published after interest rate meetings.
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