A global recession looks increasingly likely – but here’s how Australia could escape it | Peter Martin

If the US pushes up interest rates to the point where it's about to bring on a recession, Australia would be well advised to stand back and not lift rates

Global stock markets are tanking on fears of recessions in the US, the UK and Europe, and the OECD is actually forecasting recessions in Europe.

So is recession now inevitable in Australia? Not at all.

We don't know, no one knows, whether this process will lead to a recession or if so, how significant that recession would be. That's going to depend on how quickly wage and price inflation pressures come down, whether expectations remain anchored, and whether also we get more labour supply.