‘Sharper, longer slowdown’ predicted for economy as fifth interest rate hike looms
Australian economists predict a sharper and longer economic slowdown as the Reserve Bank of Australia prepares for a fifth interest rate hike. Factors including rising oil prices due to Middle East conflict and falling house prices are expected to dampen GDP growth through 2027.
Why it matters
The potential for a recession in Australia highlights the global impact of geopolitical instability and persistent inflation on national economies.
The RBA is widely expected to hit mortgage holders with a fifth rate hike on Tuesday, pushing the cash rate to its highest since 2008. The RBA is widely expected to hit mortgage holders with a fifth rate hike on Tuesday, pushing the cash rate to its highest since 2008. Interest rates ‘Sharper, longer slowdown’ predicted for economy as fifth interest rate hike looms Australia’s central bank expected to hit mortgage holders again on Tuesday, as war in Middle East combines with collapsing house prices
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Prefer the Guardian on Google Australia’s economy is set for a “sharper, longer slowdown”, major bank economists say, as the Reserve Bank is forced to keep interest rates higher to rid the nation of persistent inflationary pressures.
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