January 2022: Omicron, but the bigger story is rates

Q4 2021 CPI printed at 3.5% YoY, with trimmed-mean at 2.6% — back inside the RBA's 2–3% band. The market immediately repriced the first rate hike from late 2023 to mid-2022.

Fixed-rate borrowing was now effectively closed for investors. New variable rates were still sub-3% but the trajectory was clear. The strategy pivoted from 'maximise leverage' to 'maximise cash-flow resilience'.