The biggest fall in the volume of goods bought by shoppers since the 1990-91 recession has economists warning the Reserve Bank will have to cut interest rates next year.
, signalling it believes the economy is on its way to a soft landing. It will on Friday provide updated forecasts for growth, inflation and unemployment over the coming 2½ years.
“We expect the economy to have slowed, inflation to have moved down closer to target and the labour market to be softening to prompt the start of the easing cycle,” she said. The total volume of goods sold across the country fell by 1.4 per cent through 2022-23, the first annual drop since the 1990-91 recession and the largest in records collated since 1983.
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