Things will get worse before they get better for the Antipodean economies. House prices in New Zealand have plummeted by 18% from their January 2022 peak. And with affordability extremely stretched, we think the housing downturn has further to run. Meanwhile, our new Financial Conditions Index for Australia shows that financial conditions are currently even tighter than they were during the GFC, reinforcing our view that activity will grind to a standstill this year.
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