Property giant’s grim recession warning as Aus economy faces ‘hard landing’

Key points

• Charter Hall managing director David Harrison has warned that Australia risks sliding into recession, with rising unemployment and stubborn inflation threatening a painful downturn. Speaking at the Property Council of Australia's Property Congress in Brisbane, he blamed years of heavy government spending and rising debt for leaving the economy vulnerable.
• He said the Reserve Bank faces a difficult balancing act and warned that interest rates held too high for too long could cause a hard landing.
• Harrison suggested unemployment could rise above five per cent.