The Roy Morgan Consumer Confidence Rating has fallen to its lowest point for 2007 — 118.3 points, down 6.9 points from August and 4.8 points below the 2007 average of 123.1.
In more bad news for the federal government, the fall in the Morgan Consumer Confidence Rating is largely driven by a downturn in people’s perception of their own personal financial situation.
Fewer Australians (33%, down 7%) say their personal financial situation is better now than it was last year, while 27% (up 4%) say they are now worse off.
Looking ahead, fewer (39%, down 5%) expect to be better off financially this time next year, while 15% (up 2%) expect to be worse off.
General expectations for the economy have also fallen, creating a double edged sword for the government.
Expectations of good economic conditions in Australia over the coming year are 40% (down 3%), while expectations of bad economic conditions over the coming year are 23% (up 3%).
The number of Australians expecting good economic times over the next five years is 34% (down 4%) while 19% (up 3%) of Australians who expect bad economic times over the next five years.