The latest Mood of the Nation research shows Australians are feeling a little better, but pessimism is entrenched suggesting confidence in the future is proving hard to rebuild.
Australians are feeling a little better, but most still don’t believe the country is heading in the right direction, according to the latest SEC Newgate Mood of the Nation research.
The survey shows a record-matching 68% of Australians think the country is heading in the wrong direction. Across every state, fewer than half believe their state is heading in the right direction, and this is felt most acutely in Victoria where a record 74% think their state is heading in the wrong direction.
Unprompted, cost of living is still the dominant concern raised by Australians – but crime is the issue gaining momentum.
Out of a list of national priorities, Australians rank crime as the second most important, just behind the need to reduce cost increases for household bills. Unprompted concern about crime has climbed and is particularly acute among Victorians.
Australians’ expectations of residential property values in 12 months from now are polarised – almost as many people think property values will be higher (34%) as lower (38%), and 21% think they’ll be the same as they are now.
People are largely pessimistic about engaging in the property market. More say it is a bad time than a good time to rent, buy, sell or invest in property.
These findings suggest Australians’ confidence in the residential housing market is taking a hit, causing many to pause their engagement in the market until certainty returns.
When asked about the benefits of falling property values, there is widespread belief that falls will be good for Australia (57%), although fewer (38%) think it would be good for them personally.
When asked what they think is contributing to housing affordability pressures, the top three factors are the rising price of construction and building materials, not enough properties being built and the cost of stamp duty. Lower on the list is labour shortages, short-term holiday rentals and the level of immigration.
Victoria has by far the most people saying their state is heading in the wrong direction, at an equal record high of 74%. With only two months to run until the State Election, there is little sign of changing fortunes for the government, with an equal record low 19% of Victorians believing the incumbent government is doing a ‘good’ or better job.
Unprompted concerns of crime are significantly higher in Victoria than the rest of the country.
When asked to nominate the country most important to Australia’s economy over the next ten years, almost half – or 47% – nominated China. Coming in way behind at 17% was the United States, followed by India at 8% and Japan at 4%.
More people also said Australia should strengthen (21%) or maintain (48%) its economic relationship with China, rather than reduce it (18%).
While concern about immigration levels has eased slightly, immigration is being mentioned more than ever, and border security remains a top priority. At the same time, Australians don’t see immigration as the primary driver of housing affordability challenges, though many acknowledge it plays a role.
Contact us if you have any questions about the Mood of the Nation research report or if we can help you navigate community or stakeholder sentiment or expectations.
Peter Collingridge, Director, SEC Newgate Research – [email protected]
Sue Vercoe, Managing Partner, SEC Newgate Australia – [email protected]
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