The end of 2022 brought with it a level of cautious optimism from both a societal and economic perspective. Post-lockdown spending has emerged as a growing trend, particularly across categories impacted by pandemic-induced restrictions, and demonstrates the sustained resilience of Victorians throughout the tumultuous period we’re now emerging from.

In the short to medium term, the economy faces a set of new challenges, including the impacts of the emerging conflict in Eastern Europe, recovery from recent widespread flooding in Australia, and staff shortages during any potential COVID-19 surges, like we experienced with the Omicron variant.

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