A slowdown in the economy and high degree of uncertainty about the next 12 months have driven a “decided pullback” on investment by our top companies, leading directors say.
Australia’s clean energy transition may become one of the highest-profile victims of the fallout, the chairman of Australia’s largest electricity retailer AGL, warns. “Increasing interest rates, inflation, struggling to get hold of good, capable labour, there’s a lot of views about whether we will enter recession, but the bottom line is it has made us cautious about investment,” Thodey says.“Business looks for certainty in making our investments because we try to minimise variability and risk, that’s what we do.”
“I am more optimistic than I was a quarter ago, but we are being incredibly conservative in terms of looking at investments and bringing CBD buildings out of the ground because there’s so much risk.”BOSS The Brisbane-based Sherry says it is not just different sectors but different geographic regions as well, with Queensland filled with a sense of optimism ahead of the 2032 Olympics.“When I go up to North Queensland where lots of new mines are where the investment CopperString and conversations about at-scale solar and wind farms, there’s a lot of upbeat optimism. It’s different to the conversations I have in Sydney and Melbourne.