Melburnians concerned about domestic economy, foreign conditions

The volatile state of the global economy has consumers concerned 16000646 800480847 0 0 7005951 300

Melbourne residents are still worried about the state of the global and foreign economy, a new survey has confirmed.

The Westpac Melbourne Institute Index of Consumer Sentiment, released June 13, shows that consumer sentiment in the region has increased by only 0.3 per cent over the last month, to sit at 95.6.

That number is still 1.7 per cent below the rating that was reported in October of last year.

Westpac's chief economist Bill Evans believes the increase is disappointing in light of a recent cut to the official cash rate, and believes that it is result of anxiety over the current global economy.

"Clearly other factors are dominating rates in the minds of consumers - those factors are concerns about the domestic economy and international conditions," said Mr Evans.

When asked which news categories they most easily recalled, 67.1 per cent of respondents named economic conditions while 41.4 per cent said international conditions.

People saw news on both categories as being of a very unfavourable viewpoint.

The first thing people should do if they are worried about their financial future is make sure they have money stored away for a rainy day.

A consumer price check can evaluate your energy bills and make sure that you are paying the lowest possible electricity prices to suit your needs.

Posted by Charlie Moore