Australia’s latest consumer confidence figures suggest April was the weakest month since late 1990, which was the point Treasurer Paul Keating declared, “this is the recession Australia had to have”, says Sky News Business Editor Ross Greenwood....(read more)
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Consumer confidence has taken a significant hit in recent times, with the levels dropping to the weakest points since the 1990s. The readings taken from the Westpac-Melbourne Institute Index of Consumer Sentiment have been dismal, showing a mere 89.6 points in May 2019. This sharp decline in consumer confidence has been causing a lot of concern in the industry, with many people worried about the impact it could have on the economy. The last time consumer confidence was this low was back in 1991, when former Prime Minister Paul Keating famously declared that Australia was in a recession. There are many theories as to why consumer confidence has taken such a hit in recent times. One of the most common hypotheses is that there is a lack of job security. Many people are worried about the stability of their jobs, particularly in areas that rely heavily on industries that are experiencing a downturn or under threat from automation. Others believe that stagnant wage growth is also contributing to the decline in consumer confidence. Despite the economy being on the upswing in recent times, wages have not caught up, leaving many people feeling financially stretched and uncertain about their future. Another possible factor is the federal election, which took place in May. It is possible that uncertainty around the election and the potential policy changes that could be made depending on which party is elected is causing people to hold back on their spending. Whatever the reason may be, it is clear that consumer confidence has taken a significant hit in recent times. It is something that needs to be addressed by the government, the business community and other stakeholders, as it could have a long-lasting impact on the economy as a whole. Encouraging job growth, improving wages and providing clarity around policy changes could all help to boost consumer confidence and give people the reassurance they need to start spending again. https://inflationprotection.org/weakest-levels-of-consumer-confidence-recorded-since-keatings-recession-announcement/?feed_id=105890&_unique_id=6482f8766872d #Inflation #Retirement #GoldIRA #Wealth #Investing #6328462175112 #business #fb #msn #opinion #rossgreenwood #yt #RecessionNews #6328462175112 #business #fb #msn #opinion #rossgreenwood #yt
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