Consumers are cautious and rightly so. They are feeling the burden of near record low wages growth, savings are down and debt is still high. Throw into that mix the loss of wealth unfolding as house prices continue to fall.

And what pressures will come to bear on the RBA which in recent times has been more worried about the concept of financial stability than meeting its 2-3% inflation target. Our Ode specialist on the economy breaks it all down.