Transcript: Shayne Elliott, Neil Mitchell - 3AW

Neil Mitchell: The R word is getting thrown around at the moment. Is it possible Australia is headed for recession? Let's hope the RBA is wrong, they were wrong when the head of the bank said interest rates wouldn't go up - well they've gone up 9 times since. Yesterday in a statement, the RBA said the full impact on price rises, that's on everything, the full impact on price rises is yet to hit people. They said more interest rate rises are coming, they said there will be higher unemployment, fewer jobs. They said we are stuck with inflation for at least another two years. And they said it's going to be difficult to avoid recession. Terrific. Now, against that, the prime minister is talking about spending cuts, and there will be revenue raising somewhere. Spending cuts were always going to happen, they just didn't want to admit during the election campaign. Applications for home loans, according to some figures reported today have dropped 16%, car loans are down 14%, credit card applications are up 21%. Now presumably that's a bit of an indicator of what's going. You put it all together, it could be tough times ahead. We discussed the pizza index yesterday - the price of pizzas has gone up almost 30% since COVID because the price of the ingredients has gone up. The pizza index is under pressure. On the line, from Japan, the Chief Executive of ANZ Shayne Elliott - good morning.