Compare the Market’s annual Household Budget Barometer report shows that many Australians are continuing to feel the strain of rising living costs.
Only 7% of the 3,000-plus respondents feel that the Australian economy has improved over the last year, while just 22% feel optimistic about the economic future.
Shadow Treasurer Ted O’Brien says the figures confirm that Australians are losing confidence in the economy. O’Brien added that the Roy Morgan Consumer Confidence has fallen to its lowest level in 12 months.
“Despite Labor promising things would get better under the Albanese government, Australians’ living standards have collapsed and people are losing hope”, O’Brien said.
“News that just seven per cent of Australians feel the cost of living has improved this year follows a Roy Morgan Consumer Confidence report showing confidence is now at its lowest level in 12 months”.
Indeed, the latest weekly Roy Morgan Consumer Confidence index is bleak. On a four-week moving average basis, it hit its lowest level since October 2024.
While the softness in confidence was broad-based, the most alarming reading was that household confidence in the economy over the next five years has crashed to its lowest level in over 15 years.
With Australia’s rental market now experiencing the tightest rental vacancy rate on record and accelerating rental growth, confidence among renting households has fallen the most and lags well behind homeowners.
Overall, the data suggests that Australia’s long-suffering households, who have already experienced the largest income shock in modern history, are not expecting the situation to turn around anytime soon.
With housing and energy costs surging, and quality of life crush-loaded by excessive immigration, who can blame them?
