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- The spread of Omicron and easing house prices are weighing on household spending.
- Business sentiment weakened in January, but higher dairy prices are providing support.
- Sharply higher inflation is putting pressure on central banks to tighten monetary policy as geopolitical tensions drive oil prices sharply higher, but inflation is easing in China and policy support is increasing.
- Australian labour market resilient to Omicron wave despite large fall in hours worked.