Key View: The Australian Federal Budget presented on May 9 2023 contains multiple announcements that aims to tackle the elevated inflation rate in the country. Financial incentives will help alleviate rising living costs but consumers will still feel the impacts of inflationary pressures, pushing them to prioritise essential spending over discretional spending throughout our forecast period (2023-2027). We highlight various consumer spending segments we believe will be impacted by the Budget over the medium term, including tobacco, food, as well as fashion spending.
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