Experts are forecasting more financial pressure for households, continuing into late next year.
The Infometrics data expects the annual GDP to dip into the negatives mid 2024, meaning slower growth than had previously been expected.
Infometrics Chief Forecaster Gareth Kiernan told Mike Hosking that with higher interest rates more properties are on the market with no buyers out.
He says households are showing the signs of all the interest rate rises over the past few years.
Kiernan says it'll be another 12 months before the worst of the downturn is behind us.
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