ANALYSIS: Watch Australia's economic challenges unfold in five graphs
Federal Treasurer Jim Chalmers dutifully noted these things in his press conference following the release of the accounts. But he was far from exuberant.He was "" inflation had peaked. But he warned that rising prices remained "the defining challenge" amid a global economic slowdown and geopolitical uncertainty. In particular, he noted concerns about rising interest rates and wages not keeping pace with increases in the cost of living.
Partly offsetting this was that companies invested less — an indication of lower confidence about the future. Dwelling investment also declined. The Australian Bureau of Statistics attributed this to the completion of renovations that had been subsidised by the Morrison Government's HomeBuilder scheme.The best indicator of this in the national accounts is. This removes the effects of population growth and inflation.
This is partly due to higher spending on things like dining out, but it also reflects tightening budgets as cost-of-living pressure and interest rate increases weigh on family budgets.
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