Economic good news rare post poll

Economic events since the July 2 polling day have hardly been favourable for the re-elected Turnbull government and more bad news could be on the way.

Economic figures have pointed to subdued household spending - despite the interest rate cut in May - declining consumer confidence, and a widening trade deficit.

Worse still, global rating agency Standard & Poor's downgraded Australia's rating outlook to negative from stable, saying it could cut the nation's coveted triple-A rating should there be any slippage in returning the budget to surplus in mid-2021 as a result of a tight election.

A rating downgrade would not only increase the government's borrowing costs, but also those of big business and banks when seeking funding abroad, which would flow through to the consumers.

This week will see crucial jobs figures on Thursday, with some economists predicting a rise in the unemployment rate to 5.8 per cent after three months of stability at 5.7 per cent - its lowest level in nearly three years.

Not the sort of result the government would have been hoping for after an eight-week election campaign spruiking its economic plan for "jobs and growth".