Consumer and business confidence is nose-diving ahead of the federal election with growing concern the economy will struggle this year and push up unemployment.
"This decline could be longer-lasting as it appears to be more related to underlying economic conditions," he said. Measures of profitability and trading fell and are now below long-term average levels while confidence is back towards where it was in the wake of the 2014 federal budget. The retail sector continues to bear the brunt of the slowdown, with negative conditions reported for five consecutive months and little improvement expected."Following the release of the national accounts for fourth quarter 2018, which showed growth has materially slowed in the private sector, the business survey suggests that there has been little improvement in the first two quarters of the first quarter in 2019," he said.
First time buyers are also moving out of the market with the number of loans taken out by this group falling 0.3 per cent in January and by 12.7 per cent over the past 12 months.
swrighteconomy Fear is everywhere. Business, climate, house prices, education, health, Russia. Media & progressive Left pumping out fear to create a nation of Henny Pennys.
swrighteconomy
swrighteconomy Declining job market, stagnant salaries, poor housing affordability... it's been failing for a while now. Employers look to cut costs, workers aim to save more and have less disposable income to spend on goods. Vicious cycle.