Define “spending up big”
A third of australian households are sans mortgage sans rent.(predominantly the older generation which makes sense). But also I would assume a large number of those are on a fixed income.
The only exception i would think of are wealthy self funded retirees sitting on income generating assets.
Be nice to have a slab of dividend paying shares and a couple of unencumbered rental properties right now….as that income seems to be growing with inflation.
That still leaves though 67% of the population at a minimum facing rising costs outstripping income…