The Australian economy is changing, but consumers and businesses are changing their habits to suit. We have good reasons to be confident in our economy, writes Greg Jericho.
Last week the Monthly Westpac-Melbourne Institute Index of Consumer Sentiment found that Australians are now more confident about the economy than they have been for two years.
In a blow to the all the prognostications of doom and destruction regarding the carbon tax that flowed forth from both the Opposition and sections of the media favourable to that party, Australians have essentially kept calm and carried on.
The latest figures suggest that consumers are rather more in tune with how the economy is going than those who would seek to tell us life is gloomy and horrible. Not surprisingly, as employment has increased since July 1 last year, so too have consumers responded with increased confidence.
Time Australians’ stopped the whining and fessed up that the Labor Party has been pretty good in government and to realise that the opposition are like those Europeans with all their talk belt tightening.