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I know a lot of people on average incomes who are struggling to pay their mortgage at the moment. Discretionary spending has really declined in 2023 for those who bought property in the last couple of years thinking that interest rates would stay low for some time.If you're making a lot of money then no problem, but a lot of people on low incomes are struggling to make ends meet right now. Australia is primarily a service economy so we should expect to see more business insolvencies as the demand for a lot of services falls away in the short to medium term. Retail will also continue to suffer.Inflation will decline as we head into 2024, but I also think we will slide into recession next year and that is where we will bottom out. At some point in the next 12 months we will see both a stock market and property market correction. Then 2025 will see the beginning of a new growth phase.
I know a lot of people on average incomes who are struggling to pay their mortgage at the moment. Discretionary spending has really declined in 2023 for those who bought property in the last couple of years thinking that interest rates would stay low for some time.
If you're making a lot of money then no problem, but a lot of people on low incomes are struggling to make ends meet right now. Australia is primarily a service economy so we should expect to see more business insolvencies as the demand for a lot of services falls away in the short to medium term. Retail will also continue to suffer.
Inflation will decline as we head into 2024, but I also think we will slide into recession next year and that is where we will bottom out. At some point in the next 12 months we will see both a stock market and property market correction. Then 2025 will see the beginning of a new growth phase.
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