With the change of government, lots of economic statistics will get a new yardstick, presumably to keep track of trends but presumably for campaign fodder next time around.
Consumer sentiment by ANZ and Roy Morgan, for instance, showed a modest upturn after four weeks of declines:
Even though Q 1 wage data disappointed, the weekly survey covered the period before Saturday's election results came in, although polls showed that Anthony Albanese would be the new prime minister even if many didn't trust them.
The weak wage price index number just 2.4% vs. a headline inflation rate of 5.1% may have contributed to the moderate inflation sentiment picked up by the survey.
Higher energy prices, including the run-up in petrol prices recently to above $2 a liter in capital cities higher in the bush, may be one of the pressures that will nudge those expectations higher.
The Reserve Bank will meet on June 7 and investors and most economists predict a second consecutive increase in its key interest rate target. If the cash rate goes up to 1.3% or so by August, up from 0.35% now, that will be a tough early indicator for the Albanese government.