Recession

: But the central bank head of financial stability Luci Ellis warns that 24 years without a recession is an extraordinarily long time."Ultimately, it will happen and I guess it part of my job to make sure that the nation is resilient," she told a conference in Sydney on Tuesday, according to Nine News Australia. Consumer confidence tumbled nearly six per cent in the past week after a weak set of figures that took annual growth to just two per cent."The magnitude of the fall in confidence is concerning," said ANZ co-head of Australian economics Felicity Emmett, commenting on the ANZ-Roy Morgan weekly consumer sentiment gauge. At least the Reserve Bank agrees with Treasurer Joe Hockey that there is no immediate risk of a recession, despite the economy recording its slowest quarterly growth in two years. It was the largest weekly fall since around the middle of 2012 and leaves confidence below its monthly average stretching back to 1990. But business confidence has also taken a hit, although more in response to recent financial market ructions and concerns over the Chinese economic outlook given the timing of the monthly National Australia Bank business survey. Tuesday data came as Tony Abbott continued to trumpet his government achievements over the past two years."I can assure people around Australia that our plan is working," he told parliament. (news.financializer.com). As reported in the news.