Aussies want government gone before they'll spend

by Adam Smith23 May 2012

Wary Aussie consumers want tax cuts and a change in government before they're willing to reopen their wallets.

A new poll from mortgage broker franchise Loan Market has found that respondents believe that a cut in taxes, followed by a change in government, would most improve cconsumer confidence in Australia. Forty per cent of those surveyed said tax cuts would boost confidence, while 35% said ditching the current government would make consumers less glum.

Gen Y respondents were more scathing of the government, tipping a change in government as the top factor that could get consumers spending again.

The RBA was partially let off the hook, with respondents tipping further interest rate cuts as the third-most important factor impacting consumer confidence. Twenty-one per cent of those surveyed said further RBA cuts could increase confidence. Meanwhile, only 4% tipped a lower Australian Dollar as a key to reviving optimism among Aussie buyers.