Treasurer Joe Hockey has warned that Australians may need to work for much longer.
Treasurer Joe Hockey has warned that Australians may need to work for much longer.
Australian consumer confidence has taken a tumble after Treasurer Joe Hockey's warning that Australians may need to work for much longer.
The latest ANZ-Roy Morgan measure of consumer sentiment has fallen to a three-month low after the federal government's intergenerational report said early retirement would become less likely during thenext 40 years.
News coverage about the long-term implications for the federal budget had dented consumer confidence, said ANZ chief economist Warren Hogan.
"We suspect that elevated levels of uncertainty about the economic outlook are causing consumers to be unusually sensitive to negative news flow and this is weighing on confidence," Hogan said .
ANZ's sentiment index dropped to a three-month low of 110.3 points, which is marginally below the barometer's 25-year average.
Confidence in the economy also fell to historically subdued levels.
Confidence about the economic outlook for the next five years declined 5.9 per cent, while sentiment about the economy for the year ahead was down 1.7 per cent.
About 1000 people were surveyed to gauge consumer confidence during the first week of March.
