Ratings of the Economy
Q. From what you have read and heard, how would you rate the state of the economy of Australia?
And how would you rate the state of the economy of the USA?
And how would you rate the state of the economies of the European countries?
| Australia | USA | Europe | |
| Total getting better | 32% | 5% | 5% |
| Total getting worse | 37% | 84% | 70% |
| Getting a lot better | 7% | 1% | 1% |
| Getting a little better | 25% | 4% | 4% |
| Neither getting better nor worse | 28% | 7% | 14% |
| Getting a little worse | 27% | 26% | 27% |
| Getting a lot worse | 10% | 58% | 43% |
| Don’t know | 2% | 4% | 10% |
A majority believe that Australia’s economy is getting better but the economies of USA and Europe are getting worse.
53% of respondents think the Australian economy is getting better and 12% think it is getting worse. 62% think the USA economy is getting worse and 53% think the economies of European countries are getting worse.
For Australia, 63% of Labor voters, 66% of Greens voters and 44% of Liberal/National voters think the economy is getting better. Younger respondents were most optimistic about the Australian economy – 60% of those aged under 35 think it is getting better compared to 46% of those aged 55+.
Trust to Handle Economy
Q. Which party would you trust most to handle the economy if there was another Global Financial Crisis (GFC)?
| Total | Vote Labor | Vote Lib/Nat | Vote Greens | |
| The Labor Party | 27% | 77% | 3% | 41% |
| The Liberal Party | 43% | 6% | 86% | 3% |
| No difference | 19% | 13% | 9% | 42% |
| Don’t know | 10% | 4% | 2% | 13% |
43% said they would trust the Liberal Party most to handle the economy if there was another GFC, 27% would trust the Labor Party most and 19% said there was no difference.
Those aged under 35 were more likely to think there was no difference (25%) while those aged 55+ were more likely to prefer the Liberal Party (54%)
The Economy – Heading in the Right/Wrong Direction
Q. Overall, from what you have read and heard, do you think the Australian economy is heading in the right direction or the wrong direction?
| 17 May 10
(Post 2010 budget) |
9 May 11
(Post 2011 budget) |
4 Jul 11 | Vote Labor | Vote Liberal/ National | Vote Greens | |
| The right direction | 51% | 45% | 37% | 66% | 21% | 49% |
| The wrong direction | 25% | 29% | 43% | 15% | 65% | 20% |
| Don’t know | 24% | 25% | 20% | 19% | 14% | 31% |
37% of respondents think that Australia’s economy is heading in the right direction – 43% think it is heading in the wrong direction. Since this question was asked just after the 2011 budget, “right direction” has dropped 8% and “wrong direction” increased 14%.
66% of Labor voters, 21% of Liberal/National voters and 49% of Greens voters think the economy is heading in the right direction.
Party Best at Handling Economy
Q. Which party do you think would be best at handling the Australian economy in the interests of you and people like you?
| Total | Vote Labor | Vote Lib/Nat | Vote Greens | |
| The Labor Party | 26% | 75% | 2% | 35% |
| The Liberal Party | 43% | 1% | 86% | 11% |
| No difference | 23% | 19% | 9% | 43% |
| Don’t know | 8% | 4% | 3% | 10% |
43% think the Liberal Party would be best at handling the Australian economy in their interests and 26% nominated the Labor Party. 23% think there is no difference.
The Liberal Party is considered better by all income groups , although more by those on higher incomes. Those earning less than $600 per week favour the Liberal Party 37%/29%, while those earning $1,600+ per week favour the Liberal Party 51%/21%.
The economy
Q. Over the next 12 months do you think economic conditions in Australia will get better, get worse or stay much the same?
| 1 Dec 08 | 15 Jun 09 | 5 Oct 09 | 18 Jan 10 | 29 Mar 10 | 28 Jun 10 | 18 Oct 10 | 4 April 11 | 4 Jul 11 | Vote Labor | Vote Lib/Nat | Vote Greens | |
| Total better | 21% | 43% | 66% | 53% | 54% | 33% | 40% | 27% | 22% | 37% | 15% | 34% |
| Total worse | 61% | 37% | 15% | 19% | 19% | 31% | 30% | 37% | 49% | 28% | 65% | 34% |
| Get a lot better | 2% | 5% | 8% | 9% | 9% | 5% | 6% | 4% | 3% | 8% | 1% | 1% |
| Get a little better | 19% | 38% | 58% | 44% | 45% | 28% | 34% | 23% | 19% | 29% | 14% | 33% |
| Get a little worse | 45% | 28% | 11% | 14% | 13% | 23% | 20% | 27% | 31% | 22% | 37% | 26% |
| Get a lot worse | 16% | 9% | 4% | 5% | 6% | 8% | 10% | 10% | 18% | 6% | 28% | 8% |
| Stay much the same | 13% | 17% | 15% | 24% | 22% | 30% | 24% | 27% | 25% | 33% | 18% | 29% |
| No opinion | 5% | 3% | 4% | 4% | 6% | 7% | 6% | 8% | 4% | 3% | 2% | 3% |
Optimism about Australia’s economic outlook has declined again in the last 3 months. 22% think economic conditions in Australia will get better over the next 12 months and 49% think they will get worse – a net decline of 17% since this question was last asked in April. This is the most negative result recorded since December 2008.
Younger people are more optimistic than older people – of those aged under 35, 29% think conditions will get better and 42% worse – for those aged 55+, only 15% think it will get better and 58% worse.
37% of Labor voters think conditions will get better and 28% worse while 15% of Coalition voters think conditions will get better and 65% worse.
Rating of Economy
Q. Australia is currently experiencing a boom in the mining industry. Apart from mining, how would you rate the rest of Australia’s economy?
| Total | Vote Labor | Vote Lib/Nat | Vote Greens | |
| Total good | 31% | 44% | 21% | 49% |
| Total poor | 26% | 12% | 35% | 17% |
| Very good | 4% | 6% | 2% | 8% |
| Good | 27% | 38% | 19% | 41% |
| Average | 40% | 42% | 43% | 34% |
| Poor | 18% | 9% | 23% | 15% |
| Very poor | 8% | 3% | 12% | 2% |
| Don’t know | 3% | 2% | 2% | 1% |
31% rate the Australian economy (excluding mining) as good and 26% rate it poor. 40% rate it average. Labor voters (44% good/26% poor) and Greens voters (49%/17%) are most positive about the economy. Liberal/National voters rate the economy 21% good/35% poor.
36% of those aged 18-34 rate the economy good compared to 25% of those aged 55+.
Important election issues
Q. Which are the three most important issues in deciding how you would vote at a Federal election?
| One | Two | Three | Total | 24 Jan 11 | 11 Oct 10 | 25 Jan 10 | |
| Management of the economy | 34% | 18% | 9% | 61% | 65% | 62% | 63% |
| Ensuring a quality education for all children | 6% | 10% | 10% | 26% | 26% | 32% | 23% |
| Ensuring the quality of Australia’s health system | 15% | 15% | 19% | 49% | 49% | 48% | 48% |
| Protecting the environment | 4% | 6% | 5% | 15% | 13% | 12% | 16% |
| A fair industrial relations system | 2% | 3% | 3% | 8% | 10% | 11% | * |
| Political leadership | 6% | 6% | 5% | 17% | 16% | 16% | 23% |
| Addressing climate change | 6% | 4% | 5% | 15% | 10% | 11% | 16% |
| Controlling interest rates | 3% | 5% | 5% | 13% | 21% | 17% | 15% |
| Australian jobs and protection of local industries | 9% | 11% | 12% | 32% | 30% | 30% | 33% |
| Ensuring a quality water supply | 1% | 1% | 3% | 5% | 6% | 6% | 12% |
| Housing affordability | 4% | 6% | 6% | 16% | 16% | 17% | 14% |
| Ensuring a fair taxation system | 3% | 6% | 8% | 17% | 18% | 16% | 14% |
| Security and the war on terrorism | 2% | 2% | 4% | 8% | 5% | 6% | 9% |
| Treatment of asylum seekers | 1% | 2% | 2% | 5% | 5% | 5% | * |
| Managing population growth | 2% | 4% | 6% | 12% | 11% | 10% | * |
*Not asked
61% of people surveyed rated management of the economy as one of their three most important issues, followed by 49% ensuring the quality of Australia’s health system and 32% Australian jobs and protection of local industries.
Since January, there has been an increase in the importance of addressing climate change (from 10% to 15%) and a decrease in the importance of controlling interest rates (from 21% to 13%).
Cost of Living
Q. What do you think is the main reason for the increasing cost of living?
| Total | Vote Labor | Vote Lib/Nat | Vote Greens | |
| The strong Australian dollar | 17% | 30% | 9% | 17% |
| Excessive company profits | 18% | 24% | 10% | 27% |
| Lack of competition | 14% | 18% | 9% | 24% |
| Economic management of the Federal Government | 28% | 8% | 51% | 9% |
| Economic management of State Governments | 6% | 3% | 8% | 6% |
| Wage increases | 4% | 3% | 4% | 3% |
| Don’t know | 14% | 14% | 8% | 14% |
28% believe that economic management of the Federal Government is the main reason for the increasing cost of living. 18% blame excessive company profits and 17% the strong Australian dollar. Only 4% said wage increases.
Most of those blaming the Federal Government were Liberal/National voters. Labor voters nominated the strong Australian dollar and excessive company profits while Greens votes said excessive company profits and lack of competition.
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