Ann: AGM - CEO Presentation, page-45

'The Australian' online has comments from Australia's most woke bank, ANZ:

"Growth in the dollar value of daily non-food retailing is little changed from pre-Covid levels in late 2019 despite considerable inflation during this time, ANZ says.

Total ANZ-observed spending from 20 November – 18 December was just 10 per cent above 2019, even as the CPI rose 10.5 per cent from December 2019 to September 2022 and the population grew 1.8 per cent from December 2019 to June 2022.

This is in stark contrast to 2020 and 2021 yearend spending, which was very strong due to a "perfect storm" including lack of access to travel and services, a build-up in savings helped by fiscal stimulus and low rates, as well as pent-up demand after lockdowns

"The transition from pent-up demand post COVID to a rate- and inflation-led household budget squeeze will intensify in 2023 as fixed rates roll off," says ANZ senior economist, Adelaide Timbrell.

This week, ANZ cut its 2023 Australian economic growth forecast to 1.5 per cent on-year from a previous forecast of 1.8 per cent, but expects Australia to avoid a recession."