Australians Grapple with Pessimism and Economic Pressures: Bastion Insights' Latest Survey Reveals Key Insights

The survey, which tracked consumer sentiment of 2,000 Aussies nationally through field partner PureProfile, highlights significant concerns around economic challenges, government performance, and evolving attitudes towards energy solutions. 

 

Despite ongoing financial challenges, 74% of Australians report overall satisfaction with their lives. However, the outlook for the future is markedly less positive. Personal optimism has plummeted to its lowest point since 2021, with less than half of Australians feeling hopeful about the country's future. 

 

Age plays a crucial role in these sentiments. Older Australians (70+) are the most satisfied and optimistic, while younger generations, facing greater economic pressures, exhibit growing pessimism about their prospects. 

 

Public sentiment towards the Federal Albanese-led Government has significantly eroded, with dissatisfaction now outweighing satisfaction. Only 37% of respondents rated the government’s performance as very good or good, while 40% expressed dissatisfaction. This marks the lowest satisfaction levels since October 2022.

 

The cost of living continues to be the foremost concern for Australians, with 68% identifying it as the top government priority. Rising costs in essentials such as energy bills, groceries, and fuel have forced 90% of Australians to adjust their household budgets. Discretionary spending on activities like dining out has notably decreased, particularly among younger people with mortgages or those renting, who are feeling the economic pinch the most. 

 

Affordable and accessible healthcare remains a key priority, ranking third in importance behind cost-of-living pressures and affordable housing. Although overall health in Australia remains stable, mental health issues, especially among the youth, continue to be a significant concern. The increasing difficulty in accessing affordable healthcare underscores the need for urgent policy attention. 

 

As Australians continue to grapple with rising energy costs, there has been a notable shift in attitudes toward nuclear energy. While opinions remain divided, 39% of Australians now support the incorporation of nuclear energy into the country’s energy mix — a level of support that would have been unimaginable a generation ago. Despite this, most Australians remain uncomfortable with the idea of having a nuclear reactor in their vicinity. 

 

James Wunsch, head of Bastion insights’ head of social & government division, says its critical for both business and government to be closely attuned to the current challenges facing consumers.

“It’s clear that current economic headwinds are starting to affect household budgets across the country, with many feeling they are either just treading water or going backwards financially. Our business and government leaders must reflect on this broader social context when developing policies or business strategy – especially with the RBA suggesting and interest rate relief may be some time away.”

“Those businesses in sectors competing for discretionary spending – such as restaurants, entertainment venues and take-away food options – really need to consider how they ensure consumers are receiving genuine value for money if they are to either grow or maintain market share in these challenging conditions.”

“For government agencies, it's imperative they deliver services in an efficient and timely manner while also being empathetic to the real-world challenges many consumers are facing in trying to make ends meet.”   

Bastion Insights’ Australia Now & Next survey provides critical insights into the evolving sentiments and priorities of Australians. As the country navigates economic challenges and debates future energy solutions, these findings will be essential for shaping policy and public discourse in the coming years.