19/12/2019 - 11:14

Consumer confidence at a low: CCI

19/12/2019 - 11:14

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WA consumers are entering 2020 with subdued confidence, according to research from the Chamber of Commerce and Industry of WA, with four out of five consumers surveyed expecting the economy to worsen or stay the same.

Just under one third of consumers reported spending more than they earned in the past year. Photo: Attila Csaszar

WA consumers are entering 2020 with subdued confidence, according to research from the Chamber of Commerce and Industry of WA, with four out of five consumers surveyed expecting the economy to worsen or stay the same.

That compared to just 16 per cent of consumers who expected the state economy to improve next year.

The study, which examined overall consumer confidence and individual financial matters, found most WA consumers were impacted by daily cost of living matters this past year, with 19 per cent surveyed saying they could not pay off credit card bills and 32 per cent reporting spending more than they earned.

While that financial stress was found to have weighed on consumer confidence, external factors, such as the RBA’s move to cut the cash rate to below 1 per cent, were also seen as indicative of a weaker domestic economy.

CCI chief executive Chris Rodwell, who yesterday praised the state government for their economic management as part of its mid-year review, said the state government could do more to improve economic growth for the state.

“Continuing to pay down debt will help to alleviate cost of living pressures in the long term,” he said.

“The government has listened to CCIWA’s calls to remove barriers to economic growth and job creation by reducing the payroll tax burden and reintroducing Perth’s status as a region for migration purposes.

“The government could further boost jobs and the economy by accelerating the Streamline WA process, reforming retail shopping restrictions and enabling the Roe 8 project to be independently assessed by Infrastructure WA.”

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