Back in January, says economist Professor Neville Norman of Melbourne University, I warned of dark clouds over the economy - like slowing growth and debt problems overseas - while government forecasters saw few problems ahead. They expected more interest rate rises - I tipped one at most (which didn't happen), with reductions more likely. Overall, it's been a difficult year for business, and the way government has handled new policy initiatives like the mining tax and carbon pricing hasn't helped build confidence. We avoided a recession but the year was disappointing, bordering on a stinker. Will 2012 be better? - I'll let you know in next month's program.
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