Australians are pessimistic about the future of the country as ongoing cost of living pressures continue to bite.
The company found that 61 percent of the respondents believed Australia was going in the wrong direction, up ten percent from the previous survey in April.
Among the jurisdictions, Queensland had the largest percentage of respondents (63 percent) who had a negative attitude toward the state government’s direction, followed by New South Wales and Victoria at 58 percent.
However, the biggest shift in national sentiment was in Victoria, which saw a 14 percent increase in negative sentiment in the past two months.
Personal Finance A Major Concern
About 46 percent of those surveyed said they were having difficulty making ends meet or were struggling to pay bills and cover basic expenses, up seven percent since April.Within the population, groups that were most likely to experience financial problems were unemployed people (76 percent), students (63 percent), renters (60 percent), and casual workers (58 percent).
In addition, the top three cost-of-living concerns for Australians were groceries at 90 percent (up 8 percent), electricity bills at 84 percent (up 11 percent), and petrol prices at 75 percent (up 8 percent).
The Australian Competition and Consumer Commission has acknowledged that consumers across the country are paying too much for electricity.
Australians Losing Faith in Government’s Handling of Cost of Living
As the cost of living crisis deepens, more Australians are losing faith in the federal government’s handling of the economy.Specifically, only 39 percent of respondents thought the federal government was doing a good or better job (down seven percent).
The huge spending package has raised concerns about worsening inflation among economists.
Significant Change in Public Priorities
Meanwhile, there has been a big shift in public priorities due to Australia’s bleak economic outlook.Cost of living (69 percent), housing affordability (32 percent), and interest rates (23 percent) are now the most important factors for those surveyed.
In contrast, healthcare dropped to 14 percent from a high of 20 percent, while only nine percent of the respondents were worried about climate change (down from 20 percent).
There was also a noticeable fall in support for The Voice, with 43 percent of Australians approving the initiative, down from 52 percent in April.