With the Australian Day holiday in the rearview mirror, the last grains of sand are being shaken out of corporate Australia’s collective beach towel. It’s time to strap in for a year that promises plenty of ups and downs.

A federal election at home. A new president in the White House who loves business and chaos. A central bank keeping the local market guessing on the next move in rates amid a productivity crisis and a per capita recession. And a local sharemarket hovering around record levels, meaning any missteps are likely to be punished by investors, regulators and point-scoring politicians.