Source: SmartCompany
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After the gyrations of 2022 – self-imposed Omicron lockdowns, rapidly rising interest rates, the crypto winter – we began 2023 hoping for the best.
The Reserve Bank lost Philip Lowe, the governor who’d promised no rate rises to 2024, and eventually paused on the interest rate rises in June after 12 in a row (until the new governor decided she needed to touch the brakes in November).
Inflation climbed and climbed and eventually peaked, finally heading back below 5% at the end of the year for the first time in 20 months.
The tightened economic outlook proved too tight for many businesses, and we saw a wave of bankruptcies, insolvencies, and collapses.
ABOUT THE AUTHOR
Editor-In-Chief, SmartCo Media
Simon Crerar is editor-in-chief of SmartCo Media. Previously, he was the founding editor and then GM of BuzzFeed Australia. He began his career on Fleet Street as a tech reporter for The Times, and has also worked for the Sydney Morning Herald and News Corp Australia. He is co-founder of *PS Media, a collaborative local news startup, lives on LinkedIn @simoncrerar, and very occasionally tweets/Xs at @simoncrerar.
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