Feeling gloomy about the economy? The ‘vibecession’ has arrived in Australia – but experts are less worried

The Commonwealth Bank has been spending data and so far the figures show that, even after accounting for an unwelcome spike in fuel costs, spending is holding up. Photograph: Asanka Ratnayake/Getty Images

Australian households were already on edge before the bombs started falling in Iran.

The cost of living was high and inflation was accelerating again, forcing the Reserve Bank to start ratcheting up interest rates.