Yellow Brick Road founder Mark Bouris has warned the Reserve Bank’s decision to lift the cash rate to 4.85% will lead to more business collapses and rising unemployment.

Speaking on 2GB Drive, Bouris has called on the Albanese government to immediately cut costs, warning that could be heading towards a recession if action is not taken.

“This is probably the worst stage we’ve been in the last 30-odd years,” Bouris said.

Listen to more highlights from Drive with James Willis below

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