Economic growth in Australia is slowing, though unlikely to move into a technical recession through 2023 and 2024, according to the OECD. It is likely that labour market pressures/ wages growth will ease, given both increasing net migration to Australia, as well as
the return of international students. These factors provide additional labour resources to the economy. At this stage, the small business marketplace remains resilient, even as some economic headwinds approach.
SUMMARY OF AUSTRALIAN ECONOMY:
- Unemployment remains near historic lows of 3.5% – it is forecast to increase to around 4.4% during 2024.
- Inflation may have peaked at just under 8% at the end of 2022. It currently sits at around 7% and forecast to fall to in the order of 5.5% by the end of 2023, then further to 3.3% by the end of 2024.
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