Housing market slump pushing Australia towards economic ‘calamity’

EQ Economics Managing Director Warren Hogan claimed a possible interest rate cut from the Reserve Bank of Australia could arrive due to severe economic slowdown. “The only way the next [interest rate movement] being down in the 12 months is if the economy goes into recession,” Mr Hogan told News24. “The RBA is not easing early on the view that inflation will get back to [the 2-3 per cent] target and there's no way inflation is getting back to target in the last 12 months. “The only thing that's going to prompt them to ease is calamity in the economy, which I think most people are worried is going to come because this housing market goes from bad to worse.”