What a difference a year makes. This time last year, the Australian economy was on the verge of a strong recovery.
Lockdowns had ended, borders had reopened, the housing market was booming, the labour market was strong, and households were flush with cash.
Then suddenly everything changed. Russia invaded Ukraine in late February, prompting a global energy inflation shock. And the world’s central banks have responded with the sharpest pace of interest rate hikes in history:
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