"I think people are worried about the flat housing market at the moment," he said. "There is no doubt that a prospect of a Labor tax on housing would be causing Australians to be concerned." He said the budget had been improving, the economy was performing strongly relative to others around the world and it had shown a resilience that many others have not. Loading Replay Replay video Play video Play video "That should be a cause for comfort for Australians at this time," he said.

Despite Mr Morrison's optimism, bricks and mortar retailers are bracing for what could be their worst Christmas-Boxing Day period since the global financial crisis, as consumers not only tighten their belts, but increasingly shop online in local and international stores. Sandie Norman last went to a physical Boxing day sale seven or eight years ago. "We've all moved on I think," the 40-year-old says. "With so many more stores having easier-to-navigate websites and so much being available, there just doesn't seem to be the need for it." A generational shift towards online shopping is clear, with research from PayPal Australia showing that 50 per cent of millennials are planning to do Boxing Day shopping online rather than in-store, along with 38 per cent of Gen Xers and 18 per cent of baby boomers. Couple that with the fact that millennials are also the generation most excited about Boxing Day, and there are signs that the future may see a shift away from mad crushes of people lining up outside store-fronts at the crack of dawn.

Loading Ms Norman cited the tendency of most stores to launch their sales before Christmas as a contributor to disinterest in Boxing Day sales, and most stores, including department stores Myer and David Jones, will launch their online bargains on December 24, not 26. Amazon has announced its deals will begin at 12.01am on Christmas Eve, and will stretch through to 11.59pm on December 27. PayPal shopping expert Liz Lefort said Australia’s changing Boxing Day shopping habits reflected a shift towards online and mobile shopping. “Australians are looking for the best deals, not the stress that’s traditionally associated with heading out to the shops for the Boxing Day sales. Increasingly, those deals or better deals can be found online and Aussie shoppers are taking heed of that."

But retailers aren't hitting the panic button when it comes to physical stores just yet. Myer will throw open the doors of its main Sydney store at 5am and is expecting to serve about 2 million customers across Australia on December 26. "It’s an Australian tradition that many families and friends enjoy each Boxing Day and our Sydney customers who are keen to get a great bargain will need to be up early," Myer's retail operations director, Tony Sutton, says. Prime Minister Scott Morrison on Sunday. Credit:Steven Siewert Rival David Jones is hitting the snooze button this year, opening its flagship Sydney and Melbourne stores at 7am, but says it's not anticipating a drop in foot traffic.