'It will feel like a recession,' RBA governor says

Summary

Reserve Bank of Australia governor Michele Bullock says the RBA is not looking to tip the economy into recession if it can be avoided. "Our central forecasts do not see us going into recession, but it does see growth slowing quite markedly. It shows that consumption is quite sluggish," she told ABC Business reporter Lin Lin. Ms Bullock says it is going to make people feel like they are in a recession because they will feel poorer. The RBA lifted interest rates to their highest level in 18 years on Tuesday, acknowledging it would take much longer to drag inflation down than it was expecting a…

Description from ABC News (Australia).