Australia's Consumer Confidence Declines Amid Economic Challenges
Australia's Consumer Confidence Slips Amid Persistent Economic Challenges
Australia saw a notable dip in consumer confidence in December, as reported by Bloomberg. This decline is attributed to ongoing inflation issues and elevated interest rates, compounded by global economic uncertainties. According to a Westpac Banking Corp. survey, sentiment dropped by 2% from the previous month, reaching 92.8 points. This figure, while an improvement over the year, still underscores a pervasive sense of pessimism among consumers, with 100 points being the threshold for optimism.
Matthew Hassan, a senior economist at Westpac, highlighted the "loss of confidence around the outlook, particularly for the economy." This sentiment reflects several factors, including lackluster national accounts for the September quarter, persistent inflation uncertainty, potential interest rate changes, and a volatile global backdrop. The Reserve Bank's decision to maintain rates at 4.35% throughout the year has further pressured the private sector, causing stagnation in economic growth and a slowdown in the property market.
Consumer outlook on housing also suffered in December, with homebuyer sentiment plummeting to pessimistic levels and price expectations continuing to weaken. In fact, the time to buy a dwelling index plunged by 6% to 81.6. Despite the Reserve Bank's statement indicating increased confidence in controlling inflation, the unemployment rate unexpectedly fell to 3.9%, which the survey, conducted in the week ending December 13, took into account.
According to the IndexBox platform, the subdued consumer sentiment reflects continued challenges in the Australian economy. The sharpest drop was observed in expectations for the economic outlook over the next year, with a 9.6% decrease in the corresponding sub-index to 91.2, and a 7.9% fall in the five-year outlook sub-index to 95.9. These indicators have collectively reversed about half of the gains seen in the prior two-month rally, signaling a turbulent road ahead for Australia's economy.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
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- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
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- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
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- TOP CONSUMING MARKETS
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7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
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11. COUNTRY PROFILES
The Largest Markets And Their Profiles
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- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
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- Czech Republic
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LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption, By Country, 2018–2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Destination, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Origin, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Consumption, By Country, 2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Production, By Country, 2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, 2012–2024