An article from Bloomberg's William Pesek reprinted in the local Aussie press;
This week, Australians entered their 25th straight year without a recession. They ought to enjoy it, because they probably won't make it to a 26th.
Cites:
- Economic slowdown in China (Australia's biggest export market)
- Australian economy struggling with weak wages, high household debt, and tepid job growth
- Government says it expects a 25 per cent drop in business capital expenditures in the year ending June 2016
The article is ungated: Millennials are about to be hit by their first recession
-
Australia to enter a recession this year? Pesek is likely referring to the local financial year, which began on July 1. I find it hard to believe he thinks it will be this calendar year. So he's got until June 30, 2016. We'll see.
I've got a lot of time for Pesek.
But I reckon he is very wrong on this call. Year 26 without a recession coming up!
