Consumers are tightening their belts as surging household debt forces them to rethink spending.

To hedge oil or not to hedge oil is the big question. Rising volatility accentuated by uncertainty on whether there will be an oversupply or shortage of oil is causing many a dilemma to companies for whom oil is a significant input cost.

No government wants the ignominy of a credit rating downgrade but for Australia, which sits at the top of the pile with a AAA rating from the major credit rating agencies, the pain for the government of the day would be acute.

The future of Australia’s AAA credit rating might be giving Prime Minister Malcolm Turnbull and his government a few sleepless nights but there is an argument which says losing the grade may be just what Australia needs to move out of its economic humdrum.