Growth, inflation and labour market all easing
Consumer stress rises as concerns over cost of living hit a 2-year high. But, ahead of the federal election & with very low unemployment, stress relating to government policy & job security eased.
The NAB Consumer Stress Index rose to 55.7 pts in Q1 2022 from 55.1 pts in the previous quarter, but down on the same quarter a year ago (56.6 pts), and still well below the survey average (58.8 pts). Higher stress was largely associated with cost of living, which jumped 2.1 pts over the quarter to a 2-year high 64.7 pts. Australian consumers also reported modest rises in concern arising from their ability to fund their retirement (up 0.8 pts to 56.4 pts) and health (up 0.8 pts to 55.3 pts). Ahead of the federal budget and election and with very low unemployment, stress relating to government policy (down 0.7 pts to 60.0 pts) and job security (down 0.3 pts to 42.1 pts) eased.
Get all the insights in the NAB Consumer Sentiment Survey (Q1 2022)
© National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.