Consumers give Budget the bird

Via ANZ weekly consumer confidence:

The fall in confidence last week would be seen as disappointing in Canberra given the near-term boost to household incomes delivered in the Budget.

Given the usual volatility in the weekly data, we don’t believe the decline indicates a negative response to the Budget. Rather, it suggests the announcements failed to provide a boost.

Not enough bribes.

Comments

  1. Jumping jack flash

    You can’t fool all of the people all of the time.

    I think a lot have realised that cost of living is outpacing wages growth, and the paltry amount offered in the budget is not going to help at all.

    And even if people work in areas that are receiving increased funding, the bulk of that extra money is going to be grabbed by those who have access to it first to use to pay back their enormous nonproductive debt, or obtain new, “necessary”, nonproductive debt. Not a lot is going to trickle down past the first couple of layers.

    There’s not a lot of things that can be done with this huge anvil of debt weighing everything down. Pretty much any relief that can be offered is going to be grabbed quickly and ultimately used to repay or obtain nonproductive debt.

  2. Any money the average workers gets from the tax breaks will be eaten in the first year from rising electricity, health insurance, toll roads etc..