The renewed confidence consumers had in the Australian economy after its remarkable post-global financial crisis (GFC) recovery has been replaced by a healthy dose of caution in recent months. Tightening the purse strings due to uncertainty about our fiscal future and interest rates, many of us are opting to save rather than spend. But does this spell bad news for property investors?
BY MICHAEL YARDNEY
According to a recent RP Data report consumer confidence dropped back to GFC levels in July, with the Westpac-Melbourne Institute Index of Consumer Sentiment recording a fall of 8.3 per cent to 92.8 points; the lowest reading since May 2009 and the greatest decline since October 2008, when the index fell by 11 per cent.
BY VANESSA DE GROOT
