Most young Australians have never experienced a recession but one expert says there's a strong chance of the country heading towards that scenario.
Some analysts predict Australia facing a 50 per cent chance of a recession in the next 12 months.Neighbours like New Zealand have entered a technical recession.
"It depends on the data that comes out and what the RBA decides to do in the coming months but obviously we are moving closer towards the recession in Australia," she told SBS News.In the United States, the yield curve inverted last year and the country is likely to go into recession in the next 12 months, according to many economists.New Zealand slipped into a technical recession last week, following two quarters of negative economic growth.
"I think we're going to see a similar outcome here in Australia," he said, adding that estimating a 50 per cent likelihood of recession was "reasonable".But Australia has high population growth, and the RBA has been less aggressive with interest rate hikes than New Zealand's, Dr Gross said. Centrelink offices around Australia were inundated with people attempting to register for the Jobseeker allowance in the wake of business closures due to the COVID-19 pandemic in 2020."You're not just going to wake up one day and be like, 'Oh, we're in a recession now, things are terrible'. It's a lot slower than that," Ms Mousina said.
She said the images from the Great Depression of the 1930s, of people lining up at unemployment queues and withdrawing money from banks may not be what we'd see during a modern downturn.If Australia were to head into a recession, it would be very different to previous ones because unemployment hasn't been forecast to go over five per cent any time soon, Dr Gross said.
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