After a horror run for the discretionary retail sector, Australia’s leading analysts and fund managers are scouring the market for recession-proof businesses to withstand a consumer confidence slump as living costs soar.
Shaun Cousins, an analyst who has spent more than 20 years covering retail stocks at JP Morgan and now UBS, said the investment bank’s data shows consumers really tightened their belts from April and May, after the Reserve Bank delivered 11 consecutive rate increases from May 2022 to take rates to their highest since April 2012.
Tom RichardsonJournalistTom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
