“I think the central banks couldn't be any more clear than what they have been, that they are focused on removing inflation. And they're happy to take some slower economic activity off the back of it. So that's code for saying they might even be comfortable enduring a mild recession, if that's what it will take to reduce inflation.”

Kristiaan Rehder (Portfolio Manager at Kardinia Capital) talks to Stuart Fechner (Head of Research & Asset Consultant Relationships at Bennelong Funds Management) about the ‘insidious’ nature of inflation and the spectre of a recession – as well as the surprising resilience of the Australian economy so far.