With recession drums beating louder after 10 straight interest rate rises in Australia, it’s worth dusting off the recession playbook to ensure that investors’ portfolios can withstand the heat.

A recession is a period of temporary economic decline during which trade and industrial activity fall, generally identified by a fall in GDP in two successive quarters. Recessions are a normal part of the business cycle, but it is the depth of a recession that investors should consider most. A deep recession is normally characterised by high unemployment.