Australia is experiencing challenging macro-economic conditions centred around inflationary pressures.
Although there are promising signs that these recent pressures have peaked, both in Australia and globally, the return to the Reserve Bank’s target inflation band is not expected to happen until the 2024-25 financial year.
The negative effects of high inflation and interest rates have resulted in increased costs of borrowing for consumers and businesses, reduced purchasing power, higher levels of competitiveness, lower standards of living and increased economic uncertainty.
Many businesses are currently facing a difficult environment with unique challenges depending on the industry sector they are in.
Resilience is the key to achieving success in the next 12 months, setting businesses up to survive and thrive through the key challenges facing Australian industry sectors.
Our comprehensive guide: ‘BDO outlook: Economic and financial market factors’, explores Australia's economic landscape, delving into the key economic challenges across the technology, healthcare, construction, real estate, financial services, professional services, family-owned business and international business sectors.