Australian economy could ‘fall off a cliff’

Australia’s “extreme” inflation could see our economy “fall off a cliff”, according to ACY Securities Chief Economist Clifford Bennett.

“We might already be in the first half of the recession, we just don’t have the data for it,” he told Sky News Australia.

“There’s only two other economies in the top 20-25 countries who have inflation higher than Australia and that is Italy and the UK.

“Australia’s inflation is extreme by global standards.”