The biggest risk to the domestic economic outlook continues to be rises in the official interest rate by the Reserve Bank.
A bout of warmer weather and talk of the Reserve Bank being close to done on interest rate rises coincided with a jump in consumer confidence to start 2023, the first new year rise in five years.overall sentiment remains firmly in pessimistic territory,
“This was a really valuable opportunity to discuss the current state of the international economy and look to how we can work together to respond to challenges,” Dr Chalmers said. Financial markets are slightly more bullish, pricing in a peak cash rate of 3.9 per cent later this year. Jacqui Vitas, ABS head of macroeconomic statistics, said the annual figure was continuing to decline as the strong rebound in household spending after the end of lockdowns in late 2021 fell off the annual results.“The highest increases were in spending in transport and hotels, cafés and restaurants , but growth slowed in comparison to previous months,” Mr Vitas said.
“Household inflation expectations eased significant by 0.9 percentage points from the last print of 2022, suggesting cautious optimism about lower inflation through 2023.”People perceptions of current economics conditions increased by 6.1 points, while future economic conditions rose by 3.3 points; though, like confidence, both remain well below the long-run average.
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