One more rate rise could tip us into recession, says Deloitte – Accountants Daily and Insolvency Australia

An “Everest of evidence” weighs against the RBA making any more rate raises as Australia stands on the precipice of a recession, according to the latest Deloitte Access Business Outlook.

It says one more rate rise would tip Australia over the edge with the consumer-led recovery “rapidly running out of road”.

“In our view, any further increases in the cash rate beyond the current 3.1 per cent could unnecessarily tip Australia into recession in 2023,” said the report lead author Stephen Smith.

“On the RBA’s own figuring, mortgage repayments, including principal and interest, are already on track to rise to a record high as a share of household disposable income over coming months.

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