Well, that was exhausting. After one of the most condensed and action-packed profit seasons in many years, traders, investors and analysts are finally catching their breath and have time to ponder what we’ve learnt in four frantic weeks.

There are a few themes that emerge. One is that the weak consumer has turned out to be the dog that didn’t bark. Qantas, Wesfarmers and bellwether retailers all seem to be doing just fine. Australians can still afford to spend in the face of rapid rises in interest rates.