From Seattle to New York, residents have been snowed in, with hundreds of thousands being left without electricity.

For many Australians, the Boxing Day sales will be the last shopping spree for some time.

Rising interest rates and high inflation are likely to take a big bite out of household budgets come the new year, experts say.

Scott Phillips, Chief Investment Officer at Motley Fool said while sales are up, so is inflation.

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"This might be the last hurrah," he said.

"We talk about sales being up seven per cent. Guess what, inflation is up about seven per cent.

"We are not necessarily buying more things, we are having to pay more for them."

The Reserve Bank will consider the figures when it next meets in February.

The Federal Government says addressing the soaring cost of living is a top priority next year.

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It's delivered a plan it says will help take the sting out of rising power costs and cheaper childcare kicks in next July, but many are still feeling the pressure.

Those rolling off low fixed rate home loans are about to be hit too.

With some economists tipping another three rate hikes next year, the message to mortgage holders is prepare to pay more.

Sally Tindall from Rate City urged Aussies with mortgages to look at their budgets now.

"Look at that number, make sure it fits into your budget and if it doesn't, start making cutbacks right now," she said.

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But as savings banked during the pandemic shrink, retail spending is set to suffer.

AMP Capital's Chief Economist Shane Oliver said the economy will slow in 2023.

"I think as we go through next year we'll see a sharp slowing of the economy as the impact of higher interest rates start to show up," he said.

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A Queensland man who was killed when a car ploughed into the front yard of his house on Christmas night, has been named as Russell Klein, 55.

Klein, a well-known sportsman in the area, was killed in the crash at 9.30pm when the vehicle ploughed into the garden in Millmerran, Toowoomba, west of Brisbane.

Maureen Saunders said she heard her female neighbour screaming for help and ran to assist.

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"I said, 'we better turn him onto his side in the recovery position, might breathe easier, and then I noticed his left leg was under the house," she said.

Toowoomba Mayor, Paul Antonio paid tribute to Klein, who he said taught footy to children.

"He's probably one of those footballers who should've given up years ago, but anyway he kept doing it, he kept teaching young people," he said.

"The community is lucky to have had him and I'm proud to have known him."

Police located the alleged driver, a 30-year-old man, near the crash scene.

He is helping detectives with their investigation.

The Forensic Crash Unit is also investigating.

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It's been a "disappointing" end to the year for police across Australia as the Christmas road toll rises across the country.

More than 15 people have died on Australian roads in the past week with many those in New South Wales and Victoria.

On Christmas Day, two people died in separate collisions, sparking a plea from police for road users to slow down.

READ MORE: Man dies, woman airlifted to hospital after horror crash on Christmas Day

Victoria Police Acting Assistant Commissioner Justin Goldsmith said there was an "increased risk" of a serious incident over the holiday period.

"It is a high-risk day because a lot of people in Melbourne are making a mass exodus into Victoria and around the state," he told Today.

Police are currently out in force as part of Operation Roadwise to target people who are hitting the road during the holiday period.

The state's road toll is 236 this year, up from 224 in 2021.

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"Unfortunately we have been operating Operation Roadwise in the last 10 days and we have seen six people lose their lives from the 16th and Boxing Day," he said.

Goldsmith said police have also been focusing on mobile phone use.

"It's a huge concern, because that's clearly a conscious decision you make to use your mobile phone," he said.

"That's not something you make an inadvertent mistake about. We are targeting mobile phone use and impairment and speed throughout this operation."

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Meanwhile, in NSW and the ACT, police have rolled out the double demerit period in a bid to drive down the road toll.

NSW Police Assistant Commissioner Brett McFadden said it has been a "really successful" strategy.

"There is a lot more increased traffic on the roads at this time of year but we still have individuals that put themselves at risk, put road users at risk and we will be doing everything we can to interfere with them," he told Today.

McFadden warned people engaging in short and long trips to take their time, with sunny weather expected over the next few days.

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Drink driving on the rise in Queensland

Over the past few days, police have identified 1-in-55 people drink driving, according to Queensland Acting Chief Superintendent Chris Stream.

"Over the Christmas weekend, we have seen heavy traffic conditions, both north and south of Brisbane and around other tourist areas we have also seen increased traffic levels," he told Today.

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"Unfortunately what we are also seeing is, when conducting tests for impaired driving – that's drink and drug driving – we have detected a number of drivers and that's extremely disappointing."

There has also been a number of collisions on Queensland roads, including one crash overnight, after a man crashed into his home and died.

"Unfortunately we have seen a couple of fatality accidents and also some very, very serious injury traffic accidents as well," Stream said.

For the first time in my life, I’m thinking about how much I drink.