The Australian economy could be set for a 'soft landing' in 2024
Kanebridge News
Share Button

The Australian economy could be set for a ‘soft landing’ in 2024

Interest rates down, unemployment up, chief economist for Australia’s biggest lender forecasts

By KANEBRIDGE NEWS
Thu, Dec 21, 2023 11:30amGrey Clock < 1 min

Borrowers could be in for cost of living relief in the new year  with the country’s biggest mortgage lender predicting a fall in the cash rate next year.

After a rise of more than 4 percent in 18 months, Commonwealth Bank chief economist Stephen Halmarick has predicted the Reserve Bank of Australia will drop the cash rate by 75 basis points, starting in September 2024 as inflation shows signs of moderation.

“Looking ahead, 2024 will have more than its fair share of risks and challenges, particularly geopolitical risks as well as the United States presidential election,” Mr Halmarick said. “Despite these obstacles, the Australian economy remains in relatively good shape.”

Noting that the RBA could well have negotiated the ‘narrow path’ it has attempted to navigate in 2023 between the desire to return the rate of inflation to a more manageable 2 to 3 percent range and the need for the economy to grow, Mr Halmarick said the outlook for 2024 was positive overall.

“The good news is that the pace of global inflation clearly begun decelerating around mid-2023 and we expect further deceleration in 2024, however markets will also focus on the balance between returning inflation to 2 per cent targets, without doing too much damage to labour markets,” he said. “CBA is forecasting the annual rate of inflation back at 3 percent at the end of 2024, well ahead of the RBA’s current forecast and closer to the Commonwealth government’s latest forecast.”

The CBA also predicted the unemployment rate would increase slightly, up to 4.5 percent by the end of next year, while net migration will slow, taking pressure off the housing market. Housing prices are forecast to rise by 5 percent in 2024.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
After Pandemic Slowdown, Global Wealth Is Growing Once Again, Led by the U.S.
By GEOFF NUDELMAN 14/07/2024
Money
The One-Child Policy Supercharged China’s Economic Miracle. Now It’s Paying the Price.
By LIYAN QI 13/07/2024
Money
Economist Shane Oliver’s advice for investors: follow these simple rules for optimum results
By Bronwyn Allen 12/07/2024
Jennifer Lopez and Ben Affleck Officially List Their Massive Beverly Hills Mansion for $68 Million

The celebrity power couple are selling the 12-bedroom, 24-bathroom home barely a year after buying it

By BECKIE STRUM
Fri, Jul 12, 2024 2 min

Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
Google Maps

Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
The One-Child Policy Supercharged China’s Economic Miracle. Now It’s Paying the Price.
By LIYAN QI 13/07/2024
Property
Property of the Week: 5903/1A Barangaroo Avenue, Barangaroo
By Josh Bozin 19/06/2024
Money
Quit Being a Cynic at Work. It’s Holding You Back.
By RACHEL FEINTZEIG 17/06/2024
0
    Your Cart
    Your cart is emptyReturn to Shop