Natarsha Belling

Baldoni denied those allegations and filed a countersuit.

Today, they both released a joint statement through lawyers saying that they hope the settlement, quote, brings closure and allows all involved to move forward constructively and in peace.

Now it's time to get into our deep dive on how the RBA's decision to increase the official cash rate will affect so many businesses that are already under pressure.

Joining us to explain the flow-on effects is Dan Hunter, who is the CEO of Business NSW.

Dan explains why retail and so many small businesses are facing more economic challenges now than they did during COVID.

Dan, thanks so much for joining us.

As we mentioned earlier, the RBA has lifted rates again.

How is your organisation feeling about this today?

Dan, interesting to note that right now I've heard a lot of professionals and experts say that the conditions many small businesses are facing right now are actually worse than COVID.

Would you agree with that sentiment?

And Dan, in regards to the current crisis in the Middle East, you mentioned earlier this is like the perfect storm, perfect being and horrific storm, because not only are businesses dealing with the supply crisis, the fuel crisis, the oil crisis, increasing interest rates, but also declining consumer confidence.

So when I go into my local cafe, and that's a great example, and I think, oh, well, hang on a minute, that breakfast is increased by $10, that coffee is increased by $1.

And people sometimes think, oh, you know, these businesses are ripping me off.

They're actually not.

They're actually trying to make ends meet, not to make a profit, but just stay afloat.

And just on that point, Dan, with the regional economies, we know right now the heart and soul of many rural and regional areas are the small businesses that often depend so much on the farmers.

We know primary producers and farmers right now, not only the oil crisis and fuel and diesel issues, but a lot of those areas are in drought.

Now, if you're lucky enough to be a regional area where you can focus also on tourism, as well as the primary producers, now it's the double whammy again.

You're losing the farmers because they are really struggling financially.

And now the tourists aren't coming to the towns.