Home topics finance finance-cash-flow Cashflow Managing Cashflow Is it too early to toast the new financial year? Andrew Gorecki June 22, 2009 Six months into 2009 and it’s been announced by those in the know that apparently our ‘annus horribilis’ economically speaking, is over. Australia has dodged the recession… Technically. Well the champagne is chilled and the fireworks are on standby. And I’m sure that editors and journalists across Australia are whooping for joy as they look forward to reporting on something, anything other than stories of economic doom and gloom. But as the banks raise interest rates, the housing market begins to warm up again and consumers continue to shop with more caution and less credit, I’m wondering if it’s too early to pop the champagne corks? With the whole of the Australia, I wait with mildly optimistic anticipation to count in the new financial year, but deep inside I know that we are in for another 6 to 9 months of cold economic weather. As we reflect on the past 12-18 months with a mixture of denial, despair and relief, I cannot ignore the persistent ringing in my ears which sounds something like ‘I told you so.’ What I am saying is this: not all the doom and gloom came to us from outside. A good portion of it has been our own doing. Recent data from credit reporting agency Dun & Bradstreet, revealed a 20 percent year-on-year increase in the number of firms entering insolvency and a