Leading economists say 2024's economic conditions centred on the impact of interest rates being used to tame inflation, and cause a 'per capita' recession. The ongoing strength of the jobs market was a surprise, with high employment meaning people were stretched by rising costs, but most were able to keep making their commitments. Interest rate cuts are expected to begin in 2025, with he economy set to be dominated by a weak Chinese economy and potentially erratic trade conditions prompted by US President Donald Trump. Economists expect unemployment will rise in 2025. Daniel Ziffer talks to independent economist Nicki Hutley, Challenger chief economist Jonathan Kearns, AMP deputy chief economist Diana Mousina and UBS Australia chief economist George Tharenou.
#ABCBusiness
Subscribe: http://ab.co/1svxLVE
ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation.
For more from ABC News, click here: https://ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1
Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2
Like ABC News on Facebook: http://facebook.com/abcnews.au
Follow ABC News on Instagram: http://instagram.com/abcnews_au
Follow ABC News on X (Twitter): http://twitter.com/abcnews
Note: In most cases, our captions are auto-generated.
#ABCNews #ABCNewsAustralia