The ABS released more data on Thursday from which we can deduce that despite some headline growth in spending thanks to the Taylor Swift events, underlying growth in retail turnover was up only 0.1 per cent in trend terms so after a period of higher volatility from November through to January, underlying spending has stagnated.

This is despite a growth in paper wealth – up which was 7.8 per cent over the past year, thanks to a large boost from rising house prices and domestic and overseas share markets. But we also saw a rise in household borrowing driven by continuing demand for housing amid strong population growth and a seasonal boost from spring housing market sales also drove household borrowing in the December quarter.

Under the hood, we see continued pressure on many households whose wages are not keeping up with living costs – inflation as I discussed yesterday remains too high, while the asset distribution across households is further distorting between the haves and have nots. Many consumers are clearly struggling under the weight of soft income growth, mortgage repayments, rents, income taxes, and overall cost-of-living pressures.

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