Australian national accounts show that the consumer still has a preference for retail spending, even as government stimulus unwinds.  Household incomes rose 4% and spending was up 7% in the March 2022 quarter. Savings are still high at 11% of income, compared with a pre COVID level of 7%. We also thought it was interesting that the recovery in non-retail spending in the quarter was not at the expense of retail spending. Compared with the US and UK, we expect a longer-dated slowdown in retail spending that timestamps the risk for 2023, not 2022.