Australia's economy is still holding up on the back of household spending, but there are warning signs that a severe downturn is imminent — and small businesses are already seeing it in action.
abc.net.au/news/economic-downturn-small-business-consumer-confidence-inflation/100191514Australia's economy is still holding up on the back of household spending, but there are warning signs that a severe downturn may be nigh, with business confidence falling and consumer confidence at sustained lows not seen since the 1990s recession.
It is an early manifestation of the plunge in consumer confidence since rates started rising in May last year.The widely watched Westpac-Melbourne Institute survey of sentiment came in below 80 for the second month in a row — 100 is the level where optimists equal pessimists. "Runs of sub-80 reads have only been seen during the late 1980s/early 1990s recession and in the 'banana republic' period of concern in 1986, when the Australian dollar was in free-fall after the federal government lost its triple-A rating," noted Westpac's veteran chief economist Bill Evans.Things are shaping up to be even tougher for businesses that sell big-ticket items.
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