Bit by bit economic factors are turning. Patience required here.
- real income growth in Australia now forecast to be positive in 2024 per budget = consumer strength
- interest rates set to decline sometime in 2024 both here and internationally
- house prices, which underpin consumer confidence, no longer expected to plummet and likely to start growing again
- input costs, transport costs moderating and falling
- unemployment not expected to increase by much
- migration growth and population growth growing very strongly in Australia, migration back in US = GDP growth support
Uncertainty always there, but consumer spend doomsday scenario not playing out as bad and as many pundits thought it would as little as a few months ago
Bit by bit economic factors are turning. Patience required...
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