Getting an economic GRIP

Professor Neville Norman, University of Melbourne

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It’s an annual tradition, this time of year, for Business Essentials Daily to talk with Melbourne University Economics Professor Neville Norman, for his take on the economic year ahead, and how it will impact upon small businesses. Neville breaks down the economic landscape into four key themes — G for growth, R for rates of interest, I for inflation, and P for policy. He calls it his “Get a GRIP on the Economy”.

Reflecting on the past year and looking ahead to the most likely future, he examines the positives and warns of potential challenges, such as a fall in household spending power. He also predicts a slower growth rate, tightening belts, and potential interest-rate reductions if the economy falters.