Australia seen dodging recession even as China slows, US teeters

Australians still have plenty of savings to tap to support consumption. (Image: Bloomberg)

Thu, 15 Sep 2022

By Swati PandeyAustralia’s economy is expected to avoid recession in the coming year even as its top trading partner China slows sharply on covid restrictions and rapid US policy tightening raises risks of a downturn there.Soaring export prices and a weaker currency are bringing a cash windfall Down Under at a time when other developed economies are flashing warning signs. A very tight labour market and still-elevated savings are also helping Australian households cope with rapidly increasing borrowing costs.“We expect a soft l...

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