In 2023, Australia is encountering economic challenges marked by a projected decline in growth due to increasing interest rates, elevated living expenses, and reduced wealth. After a GDP growth of 2 per cent in 2022, it is anticipated to drop to 1 per cent in both 2023 and 2024. The economy is grappling with a constrained job market and soaring inflation rates. Key factors affecting the economy include employment rates, wages, and inflation, all of which impact household spending significantly