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.
Keating is the recession you fascist deserve to have.. Eat a Labor d…
It was so obvious that the consumer confidence was way way down.
There is simply no more excuses for any further increases in interest rates
What do they expect? This useless federal Govt don’t know how to run the economy so we don’t go broke and there’s a lot of people who just don’t want to work, or are being overly picky about what they apply for, possibly thinking they’re better suited to the job they want than they 2000-3000 others applying for that job.
What relationship did Keating’s daughter have with Prince Andrew? We have all seen the photo of him sending her off at the front door of his infamous friend’s mansion.
It's not a recession, it's a prolonged stagflationary Depression if we are LUCKY. More likely outcome is widespread Western Sovereign defaults and complete collapse of Fiat currencies from astronomical amount of debt and bank exposures to derivatives.
Is Jim channeling Keating?
My confidence is very weak. But for a surprising reason.
I'm worried about how RICH ALL AUSSIES are now becoming!!!!!!
Basically crazy insanely rich AUSSIES!!!!!! ARE pricing me out the market!!!!!!!
Here we go again, 18% anyone?
UN Agenda 2030. You obey peasants. Keep believing and trusting in criminals. It is what is best for you. Australians, get back in your paddocks and be good sheep. Be a serf. It is what is best for you
If only Jim would write another essay.
Ahhh good times .
Albow should DECLARE the labour woke resection the White privileged had to Have
Just ship in more migrants and shut all the power stations that will fix it