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Deloitte is warning Australia's economy is on a 'knife's edge' due to the RBA's interest rate hiking cycle.

Deloitte Access Economics is forecasting a consumer recession this year - threatening unemployment levels and blowing out household budgets.

Author of the report, Stephen Smith, says the 'unnecessary' rate hikes in February and March leaves Australia facing the weakest rate of economic growth since the 1990s recession - excluding the pandemic.