Get ready for the economic hangover from a blinder 2022
Australia is heading for a major turning point, as a post-pandemic spending binge is replaced by the cold, hard reality of high inflation and rising interest rates.
The Australian economy is heading for a major turning point as the warm afterglow of a post-pandemic spending binge is set to be replaced by the cold, hard reality of high inflation and rising interest rates.
The economy’s quarterly report card out this week – the national accounts – flagged the Christmas season could be the “last hurrah” for spending before consumers succumb to higher mortgage costs, rising rents, soaring food prices and larger utility bills.
Ronald MizenPolitical correspondentRonald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
