Bushfires stoke recession fears as World Bank sounds alarm over debt

Original article by Euan Black
The New Daily – Page: Online : 10-Jan-20

Shane Oliver of AMP Capital warns that the bushfires could reduce GDP growth by 0.4 per cent in the March quarter. He says this will be primarily due to the impact of the fires on agriculture, tourism, consumer confidence and consumer spending. Martin North of Digital Finance Analytics adds that the bushfires could reduce national economic output by up to $36bn over coming years. He has also warned of the potential for a macroeconomic recession in the near-term. The bushfires have already had an impact on consumer sentiment, with the ANZ-Roy Morgan Australian Consumer Confidence Index falling by 1.7 per cent.

CORPORATES
AMP CAPITAL INVESTORS LIMITED, DIGITAL FINANCE ANALYTICS, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ROY MORGAN LIMITED, WORLD BANK

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