Skip to main content
Office workers cross a street in Sydney, Australia, September 4, 2017. Picture taken September 4, 2017. REUTERS/Steven Saphore/File Photo
SYDNEY, June 9 (Reuters) - Commonwealth Bank of Australia, the country's biggest lender, on Friday put the odds of a recession in Australia this year at 50%, as the impact from the hefty monetary tightening continues to squeeze households.
Gareth Aird, head of Australian economics, forecasts economic growth to be 0.7% in the fourth quarter this year, and unemployment rate to increase to 4.7% in mid-2024.
Reporting by Stella Qiu; Editing by Himani Sarkar
Our Standards: The Thomson Reuters Trust Principles.
More from Reuters
US trucking firm Yellow files for bankruptcy after loading up on debt
Businesscategory ·
August 7, 2023 · 3:41 AM UTC · agoU.S. trucking firm Yellow Corp filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union.
WorldcategoryFourteen dead in floods in northeastern China
Fourteen people were reported to have died over the weekend in the Chinese city of Shulan due to flooding caused by Typhoon Doksuri.
TechnologycategoryChina chipmaker Hua Hong posts modest gains in Shanghai debut
Hua Hong Semiconductor, China's second-largest chip foundry, posted modest gains in its Shanghai debut on Monday, reflecting a weak market sentiment and investor caution amid mounting Sino-U.S. chip rivalry.
