Macquarie Price Downgrade, page-50

In today's AFR drawing attention to the "Lipstick Effect" which is cascading not only across Australia but no doubt, in the face of sticky inflation and higher interest rates, globally.

"Big-ticket items, such as large Lego sets, are out, while smaller treats are in. Banducci revealed the chain sold a remarkable 680,000 toy Hot Wheels cars in the September quarter; at $2 each, or five for $9, this is a gift still within reach"

SUL update today shows sales still growing, albeit at a slower clip. IMO the only two numbers that matter are the immigration % and unemployment % - If both keep rocking along and this too shall pass!