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SYDNEY—The first crumbs of Australian economic data for 2022 don’t bode well for consumer spending and confidence, the very things that were expected to support a strong recovery through the first quarter, which could push the central bank to exit quantitative easing as early as February.

While there is only a smattering of data so far, the impact of the Omicron variant, which has spread rapidly in all states but Western Australia, is significant and could be comparable to Delta.