Deloitte Access Economics warns Australia could fall into a recession if the central bank lifts interest rates again as households are already hurting.
"Any further increases in the cash rate beyond the current 3.1 per cent could unnecessarily tip Australia into recession in 2023," partner Stephen Smith said.
Treasurer Jim Chalmers said he wasn't expecting a recession this year and wouldn't be interfering with advice for the independent Reserve Bank. "One of the things about these interest rate rises is that the impact is felt by a lot of people who have variable mortgages immediately," Dr Chalmers said. "One of the things that we're keeping a close eye on through the course of 2023 is when people come off very low fixed-rate mortgages on to variable-rate mortgages."
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