With reference to the data below, explain the likely impact of the recovery in average Australian residential property prices after Q1-23 on Australian consumer spending.
| Quarter | Annual percentage change (%) |
|---|---|
| Q1-21 | 2.0 |
| Q2-21 | 4.0 |
| Q3-21 | 6.5 |
| Q4-21 | 8.4 |
| Q1-22 | 11.0 |
| Q2-22 | 8.8 |
| Q3-22 | 4.9 |
| Q4-22 | 1.5 |
| Q1-23 | -2.6 |
| Q2-23 | -1.4 |
| Q3-23 | 1.1 |
| Q4-23 | 5.0 |
| Q1-24 | 10.5 |
