Commonwealth Bank of Australia puts odds of Australian recession in 2023 at 50%

Commonwealth Bank of Australia, the country's biggest lender, on Friday put the odds of a recession in Australia this year at 50%, as the impact from the hefty monetary tightening continues to squeeze households.

Gareth Aird, head of Australian economics, forecasts economic growth to be 0.7% in the fourth quarter this year, and unemployment rate to increase to 4.7% in mid-2024.