High inflation and the need for more interest rate hikes will see Australia slip into a recession according to independent economist Warren Hogan.
Speaking to Business Now on Sky News Australia, Mr Hogan said Australia was experiencing"domestic" inflation but that the government was pretending otherwise and leaving everything up to the Reserve Bank."It's all up to the RBA, it's overseas problems.Mr Hogan said the government was looking to avoid blame for inflation and the leave the issue"all up to the RBA.
According to Mr Hogan, the problem is that markets are now becoming concerned that this will not happen before July 1, when consumers and businesses are likely to be hit with a number of price hikes that could cause a major shock to the economy. He added that a key consideration throughout the rest of the year was wages, with pressure from wage growth likely to add to inflation and hinder efforts to bring it under control.
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