‘Severe squeeze’: An economic look back at 2023 with Warren Hogan

Judo Bank Economic Advisor Warren Hogan takes a look back at the economic state of Australia with an analysis on the “big move” from consumer spending. Mr Hogan states consumers have been tightening their belts “across the board” as a response to the cost-of-living pressures. “This is a severe squeeze,” he told Sky News Australia. “Otherwise, the business community is holding up well, construction is holding up and overall the economy seems to be staying out of recession.” Higher interest rates, surging income tax take from the government due to bracket creep has been a tight squeeze on Australian households.