Not even a blast of spending from Swifties in the nation’s two largest states was enough to shake off growing signs the economy is slowing.
The latest monthly data shows there’s no sign of inflation heating up again,but in a couple of areas there is still little reprieve.
Anthony Albanese got engaged,went to Taylor Swift,Katy Perry and the tennis. Meanwhile,he allows his government to drift on homeownership,cost of living and inequity. Alarm bells should be ringing.
However,families with kids in childcare will miss out and the policy will not be means-tested.
The first real wage increases in three years are expected to hit bank accounts this year,easing inflationary pressures in households.
Commonwealth Bank’s market valuation has broken through $200 billion for the first time,as investor hopes of interest rate cuts sparked a rally in bank shares and lifted the market to a record high.
The treasurer has started laying the ground for a change in budget direction,as threats to the bottom line grow and the government heads towards an election.
Treasurer Jim Chalmers said slow growth was still significant as the economy continued to grapple with interest rate rises,inflation and global uncertainty.
Cost-of-living pressures show no favours,with the ultra-rich tightening their belts as demand slumps for high-end art,upmarket jewellery and handbags,and collectable cars.
The Australian economy may have contracted through the final three months of last year as taxes,interest rates and inflation flattened consumers.
The pandemic kept us at home,battling for loo rolls and feeding our sourdough starters. Australians’ spending patterns changed,and have continued to evolve.