Corporate Australia faces a choppy earnings season. A cocktail of persistent cost pressures, high interest rates, and softening demand confronts issuers. A robust labor market and consumer sentiment have helped Australian companies navigate a shifting operating environment. But things are changing. We outline our forward-looking views of the most urgent themes affecting Australian corporates ahead of the fiscal 2024 earnings season. Key questions include: How can office REITs alleviate pressure on stretched metrics amid declining valuations? Will the wane in pricing power among corporates heap more pressure on earnings margins? How is the COVID-19 inventory overhang affecting credit? Which sectors are most likely to attract capital investment as higher-for-longer interest rates and slowing demand force greater capital discipline?