‘Per capita recession’: Banks forecast longer downturn as more interest rate rises loom

The minutes of the Reserve Bank’s last meeting indicate that the board considered holding the cash rate steady before it was hiked on the first Tuesday in June, with fears of a sharp downturn in the economy to blame | ＠ursulaheger 10 News First – Disclaimer

Australians face a per capita recession for years, and even a brief contraction in early 2024, as RBA minutes reveal central bankers are still fearful inflation will remain stubbornly high.

Westpac chief economist Bill Evans said on Tuesday that a population-adjusted downturn is slated for 2023 and 2024, as higher interest rates slam the brakes on spending growth.