Australians are buying fewer new cars, electronics and home appliances as consumer sentiment remains stuck at recessionary levels.
Australians are buying fewer new cars, electronics and home appliances as consumer sentiment remains stuck at recessionary levels and forward orders plunge to their lowest level since the onset of the pandemic.
Retailers reported a sharp fall in forward customer orders over the past year, with the NAB survey showing a deeply negative reading of minus 23 index points in August. “This dynamic has been mirrored in official data on retail sales, which has shown falling real consumption of clothing and household goods,” NAB said.
NAB economist Taylor Nugent said the only other time consumer sentiment had been so weak for so long was in the 1990s recession, though it was even weaker at that time. “And, while inflation has slowed, firms are also still benefiting from the sizeable wedge between price and wage growth,” he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Far from niche: Four out of five Australians are gamersDriven by evolving game design and a pandemic-led digital adoption, three quarters of Australian 65-74 year olds are now among our growing audience for games.
Read more »
Far from niche: Four out of five Australians are gamersDriven by evolving game design and a pandemic-led digital adoption, three quarters of Australian 65-74 year olds are now among our growing audience for games.
Read more »
Far from niche: Four out of five Australians are gamersDriven by evolving game design and a pandemic-led digital adoption, three quarters of Australian 65-74 year olds are now among our growing audience for games.
Read more »
More Australians benefiting from higher wages as new data reveals strong wages growthNew data reveals more Australians are benefiting from higher wages. This is according to new figures obtained from the Australian Bureau of Statistics. Earnings for full-time workers have increased almost 4 per cent – or about $1,400. The report comes under the Albanese government’s first year in office. It’s the sharpest increase in wages in more than a decade.
Read more »
The new iPhone Australians will be buyingEconomic uncertainty appears to have scared off budget-conscious phone buyers, leaving high-end iPhones to pick up the slack.
Read more »
Australians have ‘not made their mind’ on the Voice to Parliament: Dean ParkinYes23 Campaign Director Dean Parkin says Australians have “not made their mind” on the Voice to Parliament. This comes as polls show support for the Voice continues to slip. “We do our own research obviously and we’re getting our own feedback from the 150,000 households that we’ve doorknocked over the last couple of weeks,” he told Sky News Australia. “That’s telling us that there are many Australians that have not made their mind up on this issue. “There’s genuine curiosity and openness and goodwill to this question of recognising Indigenous peoples through a Voice to Parliament.
Read more »