Ann: Euroz Hartleys Conference Presentation, page-7

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    Yes indeed. I see Stagflation as the most likely prospect in Oz. Recession is also possible and, indeed, we have just had our third quarter of negative per/capita gdp growth. The December overall GDP figure was only just positive due to a very heavy net exports surplus. This was more to do with imports plummeting by 3-4%. So the indicia for a recession are there. We'll see. Households are being squeezed at both ends (mortgage repayments/energy costs and income tax bracket creep). I think that there is a lot of anecdotal evidence to support a recession contention. Cheers Keith
 
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