Mark Bouris says a recession could actually help Australia

·

While hopeful that the Australian economy does not fall into a recession, Yellow Brick Road founder, Mark Bouris says its merits should not be overlooked if needed to protect living standards.

Appearing on Samantha Armytage’s podcast Something to Talk About, the Greek Australian entrepreneur said inflation needed to be brought under control as a matter of urgency to ensure Australians could afford repayments and still put food on the table.

Drawing a comparison to the US Federal Reserve’s “aggressive approach” of cutting interest rates, he said: “I don’t think our Reserve Bank is showing the same amount of tenacity towards chasing this reduction in inflation as much as the US is.”

Yellow Brick Road executive chairman Mark Bouris. Photo: Hollie Adams/The Australian.

“The Reserve Bank’s job is to look after the welfare of all Australians as well as the prosperity of all Australians.

“Recessions control inflation. The thinking around this is that you’ll never forget it. And from then on, you’ll have a certain caution around how you spend.”

Bouris’ statements bear a striking similarity to former Prime Minister Paul Keating’s “this is the recession that Australia had to have” in the early 1990s, a recession that Bouris said was effective in keeping inflation steady from 1995 to 2022.

The former host of The Apprentice Australia said frivolous spending was at an all-time high, which he attributed to internet shopping and credit card use.

“We’ve got to build this caution a little bit more than we have in the past because it’s too easy to spend today,” Bouris said.

He added that if inflation wasn’t controlled, young people and lower socio-economic demographics would be hit the hardest.

“Because they can’t afford to buy food and/or find a house to rent. And we have a rental inflation environment going on at the moment,” he said.

“Also, their lifestyle, their standard living gets affected, because they can’t find a house to rent which is near where they work, which means they’ve got a lot more travelling to do … it’s a nightmare for them.”

READ MORE: Greek Community of Melbourne honours Mark Bouris’ contribution to Greek Australian community

SOURCE: Herald Sun

greek film festival melbourne

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Monash Mayor Paul Klisaris slams voluntary gambling trial as ‘missed opportunity’

City of Monash Mayor Paul Klisaris criticised the Victorian government’s gambling reform trial for failing to include mandatory loss limits.

Greece and Australia among world’s most powerful passports as US drops out of top 10

Greece and Australia have both secured top spots in the latest Henley Passport Index, which ranks global passports.

IMF projects steady debt decline and budget surpluses for Greece through 2030

Greece is on track to maintain primary budget surpluses and continue reducing its public debt through the end of the decade.

Hamas hands over two more hostage bodies as Israel presses for full return

The Red Cross has received the bodies of two additional hostages from Hamas, bringing the total number of remains returned to nine out of 28.

Sydney shines as Greek Film Festival celebrates 30 years of cinema and culture

The 30th Greek Film Festival of Sydney opened in spectacular fashion on Tuesday night with Kapetan Mihalis.

You May Also Like

Greek Community of Melbourne celebrates VCE graduates in heart-warming ceremony 

The Greek Community of Melbourne brought together students, families, educators to honour the VCE class of 2023.

‘I do not forget’: Melbourne Cypriots mark 51 years since invasion with unity and resolve

On Sunday, July 20, Melbourne’s Cypriot community gathered in solemn remembrance, marking 51 years since the 1974 Turkish invasion of Cyprus.

Submissions now open for the first-ever International Pontian Film Festival

The Youth Committee of the Federation of Pontian Associations of Australia is launching the International Pontian Film Festival (I.P.F.F).