Consumption is the biggest part of the Australian economy. So amid cost-of-living crunches, how are we doing in the lead-up to Christmas?
(Image: Gorkie/Private Media)
Where’s the Australian consumer these days? We bathed in pandemic-era excess before being battered by rising interest rates and surging consumer prices. But with Christmas around the corner, how many of us are holding on, and how many are slipping under?
The question matters because consumption is the biggest part of the Australian economy. If consumption starts tumbling we may fall into recession, putting a lot of people out of work.
Of course, the picture will be nuanced. Some people are struggling, others not. Where we can we will dive into the nuanced picture, but for now let’s look at the top level, which tells an unhappy tale.
Read more about how spending is shifting amid the cost-of-living crunch.
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About the Author
Jason Murphy
Economics Correspondent @jasemurphy
Jason Murphy is an economist and freelance journalist. He has worked at The Australian Financial Review and for the Republic of Nauru and the Australian Treasury. He blogs at Thomas the Think Engine.
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