Commonwealth Bank of Australia puts odds of Australian recession in 2023 at 50%

Commonwealth Bank of Australia news: Commonwealth Bank of Australia, the country's biggest lender, on Friday put the odds of a recession in Australia this year at 50 per cent, as the impact from the hefty monetary tightening continues to squeeze households.

Gareth Aird, head of Australian economics, forecasts economic growth to be 0.7 per cent in the fourth quarter this year, and the unemployment rate to increase to 4.7 per cent in mid-2024.

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