Australian consumers having turned from confident to apprehensive in the space of a week and rapidly increasing prices at the bowser is the culprit. | Elizabeth Knight | OPINION petrol consumercosts
Spikes in fuel prices have fed into an increase in consumer expectations that inflation will rise over the next two years.
But it plays heavily into consumer sentiment - a fact that politicians understand well and evidenced by this week’s flirtation by the Morrison government of the possibility of reducing thePetrol prices seem to rank high on consumer surveys because they are a regular purchase and subject to large moves over short periods and are therefore more noticeable.
The survey also found that people are now less inclined to choose to buy a major household item. This could relate to deteriorating certainty about their financial position or a fear that the price would be elevated. “Normally when we see unemployment as low as this it would boost consumer confidence because it is a sign of a strong employment market.”
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