Australia News
Reporting season is in full swing for Australia’s largest companies, but analysts warn things could get ugly after a more “volatile” year than usual. Until recently, corporate Australia has been largely immune to cost-of-living pressures while consumers are experiencing the worst conditions in 30 years. But after the Reserve Bank’s aggressive rate hikes over the past year, retail spending has fallen sharply as consumers increasingly dip into their savings to pay off their sky-high rents or mortgages — and cut back on other types of spending.That trend is likely to worsen in the coming months – and it will be increasingly harder for companies to insulate themselves from the economic troubles ahead.
Credit ABC News (Australia)