In this video insight, I explain why, while economists continue debating whether a recession is coming, many Australians are already living through one, as falling retail volumes, reduced discretionary spending and rising everyday costs take hold. Drawing on real-world examples from business owners and households, I highlight how shrinking disposable income is driving cutbacks, before outlining practical steps to prepare, including reducing non-essential spending, paying down high-cost debt and protecting your primary source of income.