Amid an inevitable barrage of questions about negative gearing, Treasurer Jim Chalmers did his best to talk up three wins for the Australian economy: a bigger than expected budget surplus for the 2024 financial year – driven, he says, by reduced spending; last week’s softer monthly inflation data; and China’s surprise pivot to stimulus which sent the price of iron ore soaring 10 per cent on Monday.

But there was less focus on another fascinating data point released on Monday which showed private credit growth holding at an annual rate of 5.7 per cent, the fastest since May 2023 and well up from the recent trough of 4.8 per cent seen last December.