As we move into 2023, the world faces several macroeconomic challenges. While Australia may be in a better position than other developed countries to avoid a recession, GDP growth is expected to fall below 2 per cent.

Further rate rises could also be on the horizon – despite the consensus that peak inflation has likely been reached – as Australians struggle with food costs, energy prices and mortgage payments. Meanwhile, markets remain volatile, and the housing sector has already witnessed its deepest decline in four decades.