Property giant’s grim recession warning as Aus economy faces ‘hard landing’

The boss of one of Australia’s biggest property investment groups has warned the nation risks sliding into recession, with rising unemployment and stubborn inflation threatening to deliver a painful economic downturn. Charter Hall managing director David Harrison said Australians faced a difficult 12 months , warning the Reserve Bank could be forced to keep interest rates elevated even as households and businesses struggled. Charter Hall Group chief executive David Harrison. Speaking at the Property Council of Australia’s Property Congress in Brisbane on Wednesday, Mr Harrison said the possibility of a recession was becoming a serious concern. He blamed years of excessive government spending and mounting debt for leaving the economy increasingly vulnerable. While the pandemic had justified extraordinary government intervention, he argued spending had continued long after the immediate crisis passed. Mr Harrison warned the consequences were being felt by ordinary Australians, particularly mortgage holders and renters whose disposable incomes were being squeezed. People walk past the Reserve Bank of Australia (RBA) in Sydney. Photo: Torsten Blackwood. He said the Reserve Bank faced a...