Treasurer Josh Frydenberg said war in Ukraine and floods in Queensland and NSW would not frustrate Australia’s robust post-pandemic recovery, while higher oil, LNG and coal prices would be a boon for local exporters.

Strong consumer spending after the delta lockdowns in NSW, Victoria and the ACT and in the leadup to Christmas helped the economy rebound 3.4 per cent in the December quarter to be up 4.2 per cent through the year. That result came after a 1.9 per cent contraction in the three months prior.