Consumer Confidence Collapses

12 August 2020

New figures out today show that consumer confidence has collapsed again to levels not seen since the virus outbreak began.

New figures out today show that consumer confidence has collapsed again to levels not seen since the virus outbreak began.
 
This is what happens when the Morrison Government tells anxious Australians how grim things are without telling them what they’ll actually do about it.
 
While confidence is collapsing Scott Morrison still has no comprehensive plan for jobs and for the recovery from this first recession in three decades.
 
His lack of a jobs plan is adding to uncertainty when he should be addressing it.
 
The Westpac-Melbourne Institute Index of Consumer Sentiment showed that:

  • Consumer sentiment fell 9.5 per cent in August and is down 20.4 per cent over the year.
  • The ‘economy, next 12 months’ sub-index fell by 19.2 per cent and is down 43.8 per cent over the year.
  • There was a significant increase in the Unemployment Expectations Index of 14.6 per cent and is now 22.6 per cent higher than one year ago.

Australians are increasingly anxious because unemployment is rising and will continue to rise in the face of the Morrison Government’s failure to come forward with any new ideas for the recovery.
 
Despite collapsing confidence, deteriorating investment and rising unemployment, Scott Morrison is preparing to withdraw vital economic support from September without a plan to get the economy moving again.
 
WEDNESDAY, 12 AUGUST 2020