Global consulting firm Deloitte has forecast that Australia’s economic growth will decline in the next 12 months, but not at an alarming rate.
In its latest quarterly Business Outlook report, Deloitte predicted the Australian economy to grow by three percent in the 2022-2023 financial year and 2.5 percent in the next year.
Stephen Smith, the report’s author, said the forecast growth was between the continuous recovery from the COVID-19 pandemic and the negative impacts of uncertainty, interest rate hikes, rising inflation and pessimistic consumer sentiment.
He anticipated that inflation would peak at 6.6 percent in the latter half of 2022, and the cash rate would max out at below 2.5 percent in the current cycle of interest rate hikes….