It’s budget night which means the wait is almost over for the government to unveil its plans and vision for the future.
But so far with all the leaks it’s a vision that is scaring Australian households, knocking consumer confidence to its lowest level since the GFC. Released today, ANZ’s Roy Morgan weekly confidence index showed the index fell 2.4% over the past week, and is down around 11% in the past 3 weeks.
ANZ said today that, “Confidence is now at its lowest level since May 2009.”
That is a worrying sign for the economy and the ANZ notes that while its, “bottom line for the household consumption outlook remains that consumer spending will improve this year and next, although tonight’s budget has the ability to drag on the speed of that recovery.”
The RBA, among many others, will be watching closely tonight for Treasurer Hockey to pull a rabbit out of the hat. The economy while stronger can’t really take a big self induced hit to confidence.
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