Australian Consumers Remain Downbeat About Economic Outlook
Kanebridge News
Share Button

Australian Consumers Remain Downbeat About Economic Outlook

The Westpac-Melbourne Institute Consumer Sentiment Index slipped to 84.6 in September from 85.0 in August

By James Glynn
Tue, Sep 10, 2024 12:15pmGrey Clock < 1 min

SYDNEY—Australian consumer confidence fell in September amid concerns about job security as economic growth slows to a crawl.

The Westpac-Melbourne Institute Consumer Sentiment Index slipped 0.5% to 84.6 in September from 85.0 in August.

While cost-of-living pressures are becoming a little less intense and fears of further interest rate rises have eased, consumers are becoming more concerned about where the economy may be headed and what this could mean for jobs, said Westpac’s Head of Australian Macro-Forecasting, Matthew Hassan.

Consumers remain concerned about rising inflation, which is stoking concerns that interest rates may rise further, Hassan added.

The report comes a week after data showed the economy barely registered a pulse in the second quarter as consumer spending dropped sharply.

On-year GDP growth in the second quarter was the weakest since the early 1990s, excluding the pandemic years.

At the same time, the Reserve Bank of Australia continued to signal that interest rate cuts are unlikely in the near term, while adding that under certain circumstances a further hike in interest rates may be needed.

The RBA remains concerned about price growth, with core inflation remaining stubbornly elevated at nearly 4.0% on year in the second quarter.

Still, while consumers are downbeat, economists expect spending to regather momentum over coming quarters as income tax cuts delivered in July boost household budgets.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Lifestyle
Who’s Still Sending Virtue Signals?
By JAMES FREEMAN 19/09/2024
Lifestyle
Michael Jordan Scores a Buyer for His Chicago Megamansion After More Than a Decade
By CHAVA GOURARIE 18/09/2024
Lifestyle
Retail Sales Are the Last Big Economic News Before Fed Rate Decision
By Sabrina Escobar 17/09/2024
Who’s Still Sending Virtue Signals?

Kamala Harris and the evolution of San Francisco progressives.

By JAMES FREEMAN
Thu, Sep 19, 2024 2 min

It seems that just about all San Francisco political leaders have lately acknowledged the need to rein in progressive policies—except perhaps the one running for President of the United States.

Compared to past elections, the mayor’s race in San Francisco this year has been striking for its focus on the need for law and order. Even many leftist politicos are sounding more moderate these days and offering fewer progressive virtue signals—perhaps because such signals don’t yield progress and lack virtue.

The San Francisco Standard’s David Sjostedt reports on the incumbent running for re-election:

How very Texan of Ms. Breed. Earlier this year she led a successful referendum campaign to cut off cash assistance to drug addicts who refuse to enter treatment programs. While she’s at it, perhaps she’ll consider turning off the subsidy spigot entirely for able-bodied adults.

Meanwhile across the Bay, there is a similar political hunger for a new approach to social problems. Rigel Robinson, a former member of the Berkeley City Council, opines in the Standard:

Back in San Francisco, another Breed departure from the kooky dogma of the extreme left is suddenly relevant to our national political discourse. Last December this column noted a Jose Martinez report for CBS News in San Francisco:

The office would have been a precursor to attempting to redistribute money from people who never owned slaves to people who were never enslaved. It isn’t just the principle of reparations plans that’s offensive , or the difficulty and destructiveness of government officials trying to precisely define the level of ancestral guilt or victimhood within the great American melting pot. It’s also the money.

In early 2023, after studying the work of San Francisco’s reparations committee, Lee Ohanian at Stanford’s Hoover Institution provided a ballpark estimate:

Pretty much everyone in San Francisco, even those who favor expansive social spending, recognized that this leap into the depths of progressive insanity wasn’t going to happen.

In February of this year, Aldo Toledo reported in the San Francisco Chronicle:

Opposing reparations plans—un-American efforts to punish or reward people based on their ancestry—is now a perfectly safe space for politicians on the left to show how reasonable they have become. If a massive reparations plan failed in San Francisco for goodness sake, politicians campaigning nationwide can be comfortable rejecting it, too.

But the Democratic presidential candidate from San Francisco still won’t do it. Curtis Bunn reports for NBC News:

Any gathering of journalists is likely to be deflated when a candidate refuses to stake out the leftwardmost position on an issue of public policy. But for the rest of America, it’s bound to be disturbing that Ms. Harris won’t repudiate an extreme position she held as a presidential candidate in the last election.

The logical conclusion is that she’s still just as radical as her record.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
More Than 40% of World’s Electricity Came From Zero-Carbon Sources in 2023
By H. CLAIRE BROWN 30/08/2024
Money
Christian Dior’s $57 Handbags Have a Hidden Cost: Reputational Risk
By CAROL RYAN 10/07/2024
Money
A Drop in Interest Rates Could Boost Renewables
By H. CLAIRE BROWN 26/08/2024
0
    Your Cart
    Your cart is emptyReturn to Shop