Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

Yep that's exactly what has been happening on the macro side beyond a reduction in purchasing power for companies. That is the main reason it's been an extremely tough 2 years for micro caps.
The risk free rate ate into the opportunity cost for many investors of cash burning companies and we've seen many companies fail when they've needed to raise. Those left standing who look significantly stronger than before this period and with great prospects will IMO likely enjoy huge SP uplifts when the risk free rate/ interest rates begin to reduce (or at least when the market starts to price this in as imminent).

Many currently cash stretched retail investors will return to the fray mid-late 2024 and for those of us who can afford to (and most experienced investors would likely already have achieved this to a large degree) the superior returns will be directly attributed to maintaining/creating a healthy position in ideal high growth companies such as VNL prior to the macros improving further. At that point, those who couldn't afford a position when the rates were higher will have to bid up against each other to participate in any future capital uplifts.