World Economy

Australia Consumer Confidence Low

Australia Consumer Confidence LowAustralia Consumer Confidence Low

Australia’s Labor party says the government needs to instill confidence in the community and consumers in order for the economy to grow.

Shadow treasurer Chris Bowen said consumer confidence had been low ever since Treasurer Joe Hockey’s first budget, AAP reported.

“Yes it may be inching back a little now but it is still low compared to historical averages,” he told reporters in Sydney. Bowen said nobody wanted to see the Australian economy talked down.

“We all want to see the economy growing strongly but we want to see a government instilling confidence in the Australian community, instill confidence in consumers, investors, as the Australian economy transitions away from the mining and construction boom,” he said.

Hockey said the economy had developed a “prosperity momentum” with the housing boom, spending on infrastructure, tax cuts for small business and the sinking Australian dollar were all helping to deliver economic growth.

He said that Chinese officials have convinced him they will do whatever it takes to maintain growth.

The treasurer says the federal government will deliver its budget targets and maintain growth. He says the boom in housing prices, infrastructure spending, tax cuts for small business and falling Australian exchange rates are all helping boost Australia’s economic growth.

Australia is set to host an Australia Week Roundtable in Beijing that the treasurer said is expected to attract 700 Australian businesses and connect them with key Chinese stakeholders in the first half of 2016.