Australian recession 'likely' in the next 12 months, according to new industry survey

Most industry professionals anticipate Australia is heading for a recession, according to a new survey.Rising costs and wage increases are the primary cause of financial pressure on businesses

Among the key findings, 70 per cent of those surveyed "anticipate a recession in the next 12 months, including 19 per cent who anticipate a recession in the next six months." "This is a significant shift from September 2022 when only 27 per cent of respondents anticipated a recession," the report said.

In other words, households will need to tighten their purse strings more in coming months while retail spending continues to slow.Businesses also remain under pressure, according to the survey.

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