A major consulting firm forecasts a 'consumer recession' in 2023, warning hundreds of thousands of Australian households are bleeding cash every month.
Gross Domestic Product is derived from adding consumer spending, business investment, government spending and the difference between what the country churns out in exports and loses in imports.
"But that's just the average, and there are plenty of mortgage holders on either side of those numbers." "On these numbers, at least 300,000 Australian households may currently be experiencing negative cash flow, with mortgage repayments and essential living expenses together exceeding household disposable income," Mr Smith reports.But one leading economist supports the Reserve Bank's fervour for taming inflation.
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