Australia’s economy added 76,000 jobs last month as employers defied signs of slowing demand to expand the national workforce beyond 14m for the first time. The drop in the unemployment rate came even as the participation rate rose to a record 66.9%, meaning more people were looking for work.
There is no real evidence of any slowdown, and there won;t be while the Ukraine war continues. Russia exports the same sort of stuff as Australia so sanctions mean that our exports are going gangbusters.
Last months retail figures showed no growth, but per capita spending remains at an unsustainable rate (without causing inflation), more than twice the per capita level before the pandemic.
Inflation won’t be going away anytime soon.