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