Below trend growth to continue
Australian wellbeing improved in the June quarter despite softening economic conditions. NAB's Australian Wellbeing Index measured 6.6 points, up from 6.2 points in the March quarter. Consumer anxiety fell in the quarter in line with moderating concerns about future spending/savings plans.
Australian wellbeing improved in Q2 despite softening economic conditions. NAB’s Australian Wellbeing Index measured 6.6 points in Q2, up from 6.2 points in Q1, with all survey questions – satisfied life, worthwhile life, happy yesterday and not anxious yesterday – rated higher. Overall wellbeing improved in almost all demographic categories, except in the $75-100k income group, defacto couples, widowed people and labourers. Significantly, there was a notable fall in those expressing “very low” wellbeing and an increase in those rating wellbeing “high”.
Consumer anxiety fell in June in line with moderating concerns about future spending/savings plans. Consumers still rate cost of living as their main cause of anxiety, but less so than in Q1. Job security still quite a low concern despite softer forward labour market indicators. Among other findings: QLD and VIC the most anxious states; anxiety up for low income groups; women more anxious than men (especially cost of living); anxiety highest in 30-49 age group, labourers and sales/clerical workers. Significantly, more than one-third still rate anxiety “high” for cost of living. While almost one-quarter of consumers remain very worried about their ability to fund retirement, concerns have eased.
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