…By Judah Olanisebee for TDPel Media.
Concerns are growing that Australia could face a recession by the end of 2024 if the Reserve Bank raises interest rates once more.
A recession in 2024, as projected by AMP, would mark the first economic contraction driven by interest rate rises since 1991 when interest rates reached 18 percent in late 1989.
The recent 0.25 percentage point interest rate hike will lead to higher monthly repayments for borrowers, with an average increase of $97 for a $600,000 mortgage.