Big banks warn recession risk ‘alarmingly high’

Posted 3 hours ago by

Sky News Australia

Former Treasury assistant secretary David Pearl reacts to major banks warning of a recession, following the RBA’s decision to increase the cash rate to 4.35 per cent. “The risk of a recession is alarmingly high, I’m not predicting it, let's see what happens in the Gulf,” Mr Pearl told Sky News host Peta Credlin. “But, we are raising interest rates in the teeth of an oil crisis, that is a recipe for policy overreach and a potential recession.”