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Australia predicted to face sluggish growth in 2024
Posted on January 2, 2024 |
Australia's economy is set to slow down in 2024 due to global growth challenges and the lingering effects of RBA tightening.
The cash rate's increase, climbing from 0.1% in April 2022 to 4.35% in November, is a factor in the economic slowdown.
Ongoing renewal of fixed-rate mortgages, making up the last 30 to 40%, is expected to further dampen activity in the residential property market.
Reaching the RBA's inflation target of 2-3% by late 2025 is anticipated to progress slowly, possibly extending into 2026, presenting concerns for investors.
Most forecasts for earnings in 2024 predict a decline of 5% to 10%.