High prices in the shops and aggressive interest rate hikes have pushed consumer confidence to its lowest monthly level in more than three decades.
The weekly measure of consumer confidence from ANZ and Roy Morgan has been stuck at low levels, and in May returned its worst calendar month average since December 1990.
The weekly index dropped 1.1 points to 76.2, led by a 4.3-point decline in “current financial conditions”.
While the weekly reading was still not as low as when the pandemic lockdowns took hold in early 2020, it was still the fifth worst result since that period and the 13th week in a row below 80 points.
ANZ senior economist Adelaide Timbrell said cost-of-living pressures continued to weigh on households.
“Those paying off their homes still have far lower average confidence than renters and outright owners, despite housing prices lifting since mid-February,” she said.
Despite the pessimism, most workers who want jobs are employed and getting the hours they want.
More women than ever are working full-time, according to new analysis of official labour market data.
The research found women’s total employment was up 193,400 since May 2022, with most taking on full-time rather than part-time gigs.
About 4300 women have taken part-time jobs since May 2022, whereas 189,100 have entered full-time employment.
The federal government analysis of Australian Bureau of Statistics data found this was a consistent trend across both genders, with full-time positions making up 85 per cent of total jobs growth.
However, women were responsible for most of the increase in full-time employment.
Employment Minister Tony Burke said the government was supporting women in the workforce in several ways, including backing and funding a major pay rise for the highly feminised aged-care sector.
“We want every Australian woman to be able to work and earn to their full potential,” Mr Burke said.
– AAP
