High-spin states in ${}^{123}$Te were populated in the ${}^{82}$Se(${}^{48}$Ca,$$3n)$^{123}$Te reaction at a beam energy of 205~MeV, and $\gamma$-ray coincidence events were measured with the Gammasphere array. The level scheme has been extended to spin $I\approx 50$ through the identification of several new $\gamma$-ray transitions, and a rotational band feeding states above $I\approx 20$. Cranked Nilsson–Strutinsky calculations are consistent with the observed low-spin yrast structure and support an interpretation of the high-spin band as a smooth terminating configuration involving two $g_{9/2}$ proton holes and no neutron excitations across the $N=82$ shell gap. A transition from near-prolate to triaxial rotation about the intermediate axis is suggested for the band near $I\approx 40$.