Australia faces sharper and longer economic slowdown as fifth interest rate hike looms
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Australia’s Reserve Bank is expected to implement its fifth interest rate hike on Tuesday, pushing the cash rate to its highest level since 2008 and raising recession concerns. Major bank economists predict real GDP growth will slow to 1% by mid-next year and 1.1% through 2027 due to persistent inflation, an extended Middle East conflict, collapsing house prices, and elevated global oil prices.
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