It was a stunning and largely unexpected victory, even for the victor.

But, as Prime Minister Scott Morrison knows probably better than anyone, given he was treasurer until late last year, this was never going to be an easy time to be handed control of the economy.

The Coalition campaign, fought largely on a strategy of sound economic management, unofficially kicked off early last month with the federal Budget, brought forward a month to demonstrate the Government's fiscal credentials.

Since then, however, many of the forecasts even for this financial year, which ends in just six weeks, are unlikely to be met, which places doubt over many of the more optimistic long-range projections.

The domestic economy appears to be slowing rapidly.

And with Australia heavily reliant on raw material exports, a large portion of our income and revenue raising potential rests with the health of the global economy.

Even barring an international meltdown, tepid global growth is being driven primarily by stimulus, particularly from China.

In much of the developed world, interest rates remain barely above zero and the United States has halted its rate-hike program.

Here at home, the Reserve Bank actively is considering two rate cuts this year, which would take the official cash rate down to 1 per cent.

At that point, the Federal Government will need to consider stimulus, should growth fail to materialise.

And that will blow projected surpluses, and debt reduction, out of the water.

Here are some of the expected pressure points.

Jobs

Unemployment, one of the great success stories of the Coalition Government during the past four years, has gone into reverse.

Unemployment rate graph ( ABC News )

Last Thursday, the jobless rate ticked back to 5.2 per cent for April with the previous month revised up to 5.1 per cent.

Granted, a major factor was that more people began looking for work, which could suggest some optimism among the workforce.

In fact, the participation rate rose to an all-time high of just under 66 per cent.

Mostly, that was because of a big lift in the number of women re-entering the workforce, a trend that has been in play for several years.

But the Reserve Bank, having all but abandoned its primary goal of boosting inflation to between 2 and 3 per cent, is now targeting the jobs numbers.

Given we had the unemployment rate at 4.9 per cent just a few months ago, a jump back to well above 5 per cent is concerning.

But as JP Morgan's Ben Jarman notes, that improved participation may make it easier for households to pay the mortgage through what he describes as "a difficult housing adjustment".

Housing

Real estate, once the great Aussie dream, has become a nightmare for anyone who bought a house on the east coast during the past 18 months.

In Western Australia, prices have been on the skids for the past four years while Darwin's market has been in freefall.

Canberra is now the only capital city where values have not dropped.

Home prices April 2019 graph ( ABC News )

The fear of further falls, particularly with the Opposition's plans to scale back tax incentives on negative gearing and capital gains, clearly played a major role in the election result.

But the falls are expected to continue just the same, given banks are no longer doling out cash and with a large supply of units about to hit eastern state capitals.

Declining real estate values have had a serious impact on household spending, as consumers shut their wallets and hunker down.

None of this has been helped by sluggish wages growth.

Wages

Another snippet of worrying economic news hit the airwaves last Wednesday with wages continuing to be stuck in the slow lane.

The March quarter showed overall growth of just 2.3 per cent, not too far above all time lows.

Given our exorbitant household debt — which at 199 per cent of income is close to a world record — we need stronger wages growth to get on top of the problem.

Opposition leader Bill Shorten attempted to make wages a central theme in the election but it is a difficult task to manipulate wages without creating problems around unemployment.

In the post-election wash-up, one commentator postulated that wages were not a problem, primarily because inflation was so low.

That meant that in real terms, workers were doing just fine.

The only problem with that argument is that you don't really want to achieve real wages growth by having inflation fall off a cliff.

Wage price index by industry graph ( ABC News )

Inflation

Smack in the middle of the campaign, the March quarter inflation figures were delivered to a stunned audience.

Prices didn't move during that three months. We had an inflation rate of zero. Nothing.

It might sound OK for those saving up to buy something. But it generally indicates something horribly awry with the economy.

When prices aren't moving, it points to a lack of demand and an unwillingness to spend.

Should it continue, it could hit company profits which then would invest less and begin laying off workers.

In last month's federal Budget, the Government estimated inflation this financial year would come in at a paltry 1.5 per cent.

After the most recent result, it's dropped to 1.3 per cent.

Growth

"Jobs and growth" was the Coalition's catchcry for much of the past six years.

But having notched up a world-beating 27 years without a recession, the chances of one occurring in the next few years have risen.

A combination of luck, half decent economic management and a big immigration program have kept us buoyant during the past quarter century.

We even avoided recession during the great global recession a decade ago, primarily because of China's massive stimulus program that sent resource prices skyrocketing.

Gross Domestic Product per capita graph ( ABC News )

But how long can it continue?

Late last year the economy slowed dramatically, expanding at an anaemic 1 per cent per annum during the second half.

The next reading will be in a few weeks, and that too is expected to show a sharp slowdown.

Strip out the impact of migration, and we've gone backwards.

In fact, the Government entered this campaign with many economists talking about a "per capita recession", demonstrated in the graph above.

In the end though, it didn't seem to matter.

Despite the all the economic travails, and the odds stacked against him, Mr Morrison somehow brought it home.

How good is that?