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Australians Feel Financially Worse Off

Australian’s are reportedly still feeling worse off despite consumer confidence rising by 0.3%.

According to an ANZ survey reported by InsideRetail, optimism about the next 12 months has risen by 0.4%, while more Australian’s are feeling worse off financially, with consumer mood, based on roughly 1,000 face to face interviews conducted by ANZ-Roy Morgan, recording a 2.4% drop.

This brings consumer confidence close to the 10% high in August, said ANZ head of Australian economics David Plank, who said the fear in the economy has led to a ‘material impact on spending’.

According to Westpac Chief Economist, Bill Evans, the Reserve Bank of Australia’s recent cash rate cuts is also to blame for the pessimism, sending a negative message to Australians about the state of the economy.

“Consumers are looking behind the reason for the rate cut and, arguably, the absolute level of rates and getting nervous.”

It is clear that Australian’s see current financials as unstable, but are hopeful for future improvements.

Whether or not consumers will see these improvements is yet to be seen, as fears over the possibility of a recession grow alongside the rampant trade war.

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