Morning Briefing: Reserve Bank says recession will happen, but not yet

Australia will experience a recession but not anytime soon... Bitcoin 'potentially disruptive' to banks says Westpac chief...

Reserve Bank says recession will happen, but not yet 
The Reserve Bank of Australia's head of financial stability Luci Ellis has warned that Australia will experience a recession but not anytime soon, according to an article in the Australian Financial Review

A slow-down in economic growth in the second quarter of 2015 and high unemployment has fuelled concerns of a recession, which may stop the heated property market in its tracks.

"We haven't had a full-blown recession in 23 years. Ultimately it will happen," Ellis told the UNSW real estate symposium.

"But I won't put a score on the fact that it will happen imminently."
 
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Bitcoin 'potentially disruptive' to banks says Westpac chief
Westpac Banking Corp chief Brian Hartzer has said bitcoin and the blockchain are no cause for panic among the banks yet but long-term is a different story. 

Hartzer said the technologies could be "potentially disruptive", the Sydney Morning Herald reports. The digital money is managed by an open network of users rather than a bank or government and the blockchain technology validates transactions made in bitcoin.

"The development of the blockchain [will] certainly [have] a very interesting and potentially disruptive impact on financial services," Hartzer said. 
 
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