It has been an interesting start to the year for business owners in Australia. If you are feeling some pressure, rightly so. It’s important to be cognisant of the storm brewing around you if you are going to take a proactive approach to growth and business management.

After months of saying that the cash rate would likely remain at its current record low throughout the year, RBA Governor Philip Lowe said that it was “plausible” the central bank could hike interest rates in 2022.

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

We’re already in February and in less than 2 months since the start of 2022, the big 4 banks have all hiked their fixed rates. In fact, Westpac has hiked twice this year!

The official cash rate has been kept at a record low 0.1 per cent – for now – while the Reserve Bank of Australia (RBA) has confirmed it will halt the bond buying program that helped to support the economy through the Covid-19 crisis.

Ask anyone. It’s impossible to find staff. The recruitment and resourcing item is the hottest topic on every board agenda right now. So what are you doing about it?

Successful companies have been defined by many things in the past - financial figures, leadership, years in business, and innovation, to name a few. Rather than just focusing on these aspects, reflecting on how well your company manages its people assets and retaining good quality employees is the symbol of success that will define your company in the coming years.

The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment.