Small businesses across Australia would have to endure extra pressure after a tough start to 2022 due to the Omicron variant if banks raise their interest rates, CreditorWatch found. The Australian credit reporting agency said that the latest results of its monthly business risk index projected a gloomy prospect for the business community and suggested that the Australian economy had to make more progress before getting rid of the pandemic’s impacts. “Pressure is mounting for interest rates to rise,” CreditorWatch CEO Patrick Coghlan said. “If that happens, it will be another hit to small businesses. CreditorWatch is expecting business insolvencies to grow steadily this year, even if the RBA doesn’t hike interest rates.” Reserve Bank governor Philip Lowe issued a warning on Feb. 2 that it was plausible for the central bank to push up the cash rate this year. A huge jump of 58 percent in business court actions …