Economic wrap up 2022

Professor Neville Norman, University of Melbourne

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At this time every year University of Melbourne Economics Professor, Neville Norman joins us to look back at the year that was, so as to dig out any possible positives that businesses can build on for the year ahead. It’s a big challenge in 2022, which saw a doubling in consumer price inflation, a huge rise in interest rates, a sliding dollar and the shock of both widespread flooding and the war in Ukraine. But Neville does see good news – the Labor government has held back on any “industry damaging” policies, there’s been an energy taxation bonanza and the Reserve Bank seems to be starting to question its own interest rate policies. But most importantly, a forecast “monster” rise in household consumption will benefit many types of businesses, in 2023.