Australians are having a tough time finding the light at the end of the economic tunnel, after a recent survey revealed one-third of voters believe their standard of living will worsen by year’s end.
The Newspoll survey reported that the number of people who speculated that living standards will deteriorate over the next six months has increased from 20 per cent to 32 per cent, the worst outlook since the GFC crisis in mid-2008, The Australian reported.
While the outlook may seem bleak, it’s interesting to note that 55 per cent of voters believe their living standards won’t change at all.
The heightened concern surrounding economic confidence follows the announcement that the unemployment rate soared to 6.4 per cent in July, leaving another 43,700 Australians jobless.
The survey also indicates that while labor voters are the most pessimistic, there has been a sharp decline in coalition support for circumstances to improve.
According to ANZ-Roy Morgan, consumer confidence fell steeply between April and May – down 8 per cent – and consumers’ perceptions of economic conditions for 2015 slumped 10.8 per cent, after the Government released its budget policy.
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