It’s going to take a lot more than just a change in government to boost economic confidence, according to Aussie Home Loans. The major broking franchise has published survey results showing 73% of Australians believe their financial situation will be ‘the same’ or ‘worse’ after the Federal election, regardless of outcome.
“It is clear from these results that it will take more than just a change in government to boost Australia’s economic confidence,” says Aussie founder and chairman, John Symond.
Symond believes the public is highly influenced by the economic situation overseas and the purported ‘two-speed’ economy – due to fluctuation in the mining sector – and have remained cautions since the GFC.
“These people will need to see genuine economic recovery in order to boost their confidence. It is heartening to see that almost half the people surveyed intend to purchase somewhere in the next two years, but the economic pessimism may take some time yet to recover from.”
The survey of 1,000 people aged between 18-65, conducted by Nine Rewards, found that 42.3% of Australians are considering purchasing property within the next two years, with 32.9% of respondents feeling ‘a little’ or ‘very’ concerned with the current state of the Australian economy.
More than half the respondents (56.2%) feel that another minority government, regardless of which party leads, would make them less, or far less confident with state of the economy - but an astounding 36.3% feel that it would not change their confidence.
The survey was undertaken in the final week of August.