Australians’ optimism about their financial situation has slightly improved amid renewed speculation that the RBA could begin cutting interest rates this month. However, more than 80% of Australians still rate the management of cost-of-living as the number one issue that will influence their vote, with the major parties running neck and neck on who is best to manage it.
The Albanese Government will be able to take some comfort from the finding that Australians feel that economic conditions are stabilising, but it cannot ignore that 41% of people are still feeling significant financial pain and difficulty paying bills has not fallen; with grocery, insurance and energy bills remaining amongst the highest cost of living concerns.
Asked what issues would most influence their vote in the forthcoming Federal Election, Australians listed these three leading issues. Cost of living was cited by 81% of respondents, rising to 87% amongst those in the 35-49 age bracket. It was followed by Housing (52%), Healthcare (42%), Crime (37%) and Economic Management (35%).
Labor and the Coalition are neck and neck on the important measure of which party is perceived to better manage cost of living pressures. Labor’s highest lead is amongst the 35- to 49-year-olds (35/23) while the Coalition has a lead with over-65s (46/30). Labor has a narrow lead on cost of living in every state except Victoria, where the Coalition leads 30-28. However, Labor has given up a 20-point lead in this indicator since September 2022.
There is a 20-point gap in confidence between Western Australia and some parts of Australia’s East Coast. Heading into the WA state election on March 8, confidence in WA’s direction remains the highest in Australia at 58%. However, confidence across the East Coast drops sharply away, with Victoria leading (62%), with concerns their state is going in the wrong direction. Confidence in Australia’s national direction remains relatively stable but low, with only 38% feeling the nation is heading in the right direction.
Australians continue to have a mostly negative view of the impacts of the new US President – especially on global peace and the global response to climate change. However, since being elected, there has been a 5% fall in the proportion who think he will have a negative impact on our relationships with China and with the USA.
Australians are more likely to believe Labor has the better long-term plan to secure and deliver energy over the Coalition (34/28), however another 38% of Australia are undecided. Support for nuclear energy has fallen to 34%, a drop of 5%, since Opposition Leader Peter Dutton announced his nuclear plan mid last year. However, the Albanese Government’s plan to make the election a referendum on nuclear power may struggle for interest, with only 14% of Australians (and 22% of men) saying nuclear policy will influence their vote.
Despite rising tensions about incidents of antisemitism, Australians are feeling better about social cohesion, with ‘it’s good’ or ‘better’ rating having risen by 7% to 45% since late last year.
Key concerns threatening social cohesion are seen as racism and discrimination (e.g. to Jewish communities and Indigenous people), inequality, cost of living pressures and a widening wealth gap, concerns over immigration and multicultural tensions, and misinformation spread via social media as well as perceived bias in news outlets.
Contact us for more information about the full Mood of the Nation research report or if we can help you navigate community or stakeholder sentiment or expectations.
David Stolper, Partner, SEC Newgate Research – [email protected]
Sue Vercoe, Managing Partner, SEC Newgate Australia – [email protected]
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