We had eight successive rate rises last year, but it didn't stop Australians from spending up big over the summer.

It's meant inflation has continued to rise: it was 7.8 per cent in the December quarter, the highest in 33 years. 

So will the summer spending bring autumn pain?

Today, AMP senior economist, Diana Mousina, on why 2023 might be tougher financially than we hoped.  

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Diana Mousina, AMP senior economist