Australia looks unlikely to fall into a recession, though we will experience lower growth. That’s the prognosis of our regular economics commentator, Melbourne University Professor Neville Norman. Professor Norman says the Reserve Bank will continue to lift interest rates into 2023 due to what he calls a “robotic” reaction to the sort of inflation the bank may not actually be in control of. And, while answering the four key questions for the start of 2023, Professor Norman says prices will stay high, more heat will come off the housing market, and small businesses should batten down the hatches.

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