The pain on global markets this year has largely been a “P” story. It’s about to become an “E” story, too.
Big box electronic retailers Harvey Norman and JB Hi-Fi were hardest hit, with their 2023 net profit forecasts cut 42 per cent and 21 per cent respectively. It’s not just that spending might dry up as consumers face higher mortgage repayments, food and fuel inflation and the impact of falling house prices.
This is a relatively small sample size of course, but the pressures Cousins sees mounting for consumers, and the rising costs faced by miners, will be felt in other sectors.
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