A recession is on the cards for Australia and April Household Spending Intentions update

A quirk of the timing of Australia’s economic downturn could see one single quarter of contraction in economic activity. This would mean Australia could avoid a ‘technical’ definition of a recession. Stephen Halmarick, Chief Economist and Belinda Allen, Senior Economist, explain why this is an outdated definition and whichever way the data lands over coming months Australia will be in recession. The April edition of the CBA Household Spending Intentions series has been released and there were falls in Home Buying, Travel, Entertainment and Education. We explain what this means for retail sales and how CBA card spend data is tracking in May.

 

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