Current interest rates are not high from a historical perspective, but they are higher than people have seen for a few years.
Spending slows down. house prices drop (a little). Its not about the actual financial situation we are in at the moment but how people feel about it.
Annoying for us as we want to sell in Sydney and buy in coastal NSW. No rush, just wait for better (or worse) conditions.
Similar situation with jobs, they are available but people are nervous.
Confidence is slowly returning and more business are realising they need to spend money to make money.
Looks to me like early 2023 a lot of people will change jobs, mainly to catch up on pay rises they have not been receiving.
And don't listen to the economists; "what is happening now will continue to happen" ROTFLMAO