There is talk in Australia of war-caused recession and higher interest rates.

Those who saw interest rates rise to 25% pa just before 2000 will recognise the risks.

This is a time to extend the repayment period for long-term mortgage loans in business and on farms, as well as cutting debt and accumulating savings where possible. Debt can be dangerous. Refinance or debt restructure can work well.

Nobody knows what the future holds, but we do know that banks can be very savage when the economy turns bad. This may be the right time to have a chat with a business debt or farm loan consultant who is independent of government. GBAC is always happy to help where it can.