While confidence in Queensland’s economy is improving and is higher than many other Australian states, new data shows many consumers across the state are still feeling the pinch in their personal finances.
The Westpac-Melbourne Institute Consumer Sentiment Index – which measures the overall health of the economy based on consumer opinion – ranked Queensland as 97.5 (score lower than 100 indicates that pessimists outweigh optimists). Queenslanders ranked second, out of surveyed states, for confidence behind New South Wales (103.3) but ahead of Victoria (97.3), South Australia (89.3) and Western Australia (77.4).
Westpac say the data suggests consumers across all of Australia are likely to be tight with their spending – at least in the short term.
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The State’s Treasurer Curtis Pitt said having “the index level below 100 indicates pessimists outweigh optimists”, and admitted that the State Government “still have some work to do” to improve the confidence of Queenslanders.