Aussies have bruised confidence in aftermath of GFC

Australian small business a hesitant world

Australians remain wary of economic woes more than four years after the global financial crisis.

It may seem weird in a country that last experienced recession almost a full quarter-century ago, but Australian consumers remain in a downcast mood. The deep national funk has now lasted three years, with no end in sight. Australians were last truly buoyant about their finances in early 2008, just before the global financial crisis hit.

Quantum Market Research’s AustraliaScan numbers show the problem. When asked about their confidence in their personal financial future over the next five years, respondents replying “little” or “none” were 11 per cent higher than those reporting “a great deal” of confidence. Their mood is worse than at the start of 1993, when the country was still coming slowly out of a bruising recession.

The Australian small business survival curve

50% - The proportion of businesses started in 2010-11 that survived to June 2014.
24% - The proportion of businesses started in 2010-11 that folded by June 2012.

Source: Australian Business Counts, Australian Bureau of Statistics

 

This article is from the May 2015 issue of INTHEBLACK.

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