Consumer confidence has dropped to a two-year low as the Morrison Government wage crisis continues to cause damage throughout the economy, according to the Westpac-Melbourne Institute measure of consumer sentiment, released today.
Australian workers are concerned about their job security, wages and the nation’s overall economic performance.
The measure of expected economic growth over the next twelve months is at its lowest point in four years. Working people don’t believe the Morrison Government will do anything about the problems they are facing every week as they struggle to keep up with steadily rising costs of living.
As stated by ACTU Secretary Sally McManus:
“Cuts to penalty rates, arbitrary caps on pay rises and letting big business develop a wish list of ways to make jobs more insecure makes people are worried about their jobs and wages
“The wages crisis has crushed consumer confidence and people will not start to spend again until they are secure in their jobs and their wages are growing.
“The Morrison Government can act to end the insecure work and low wage growth crises. Its refusal to do so is hurting consumer confidence and further undermining the already weak economy.
“We have called on the Morrison government to commit to restoring penalty rates, lifting the arbitrary cap on public sector wages and delivering a real living wage because that will shore up people’s confidence and get the economy moving. Today we repeat that call.”