The world economy is resilient in parts but subdued overall.
Inflation is lingering in North America, growth is slowing in China and tepid in Europe, tensions have escalated in the Middle East and persist in Ukraine, global supply chains are fragmenting.

This uncertainty combines with cost-of-living pressures and higher interest rates to slow our economy, with growth forecast to be just 1.75 per cent this financial year and 2 per cent next.