Consumers wallow in recession gloom

Most Australians are wrongly resigned to the belief that the country is in a recession, a new poll has shown.

A survey carried out by the Australian Retailer’s Association (ARA) has found that some 62 per cent of consumers believe the economy is already contracting, despite official statistics to the contrary. points out that while growth has slowed down considerably in recent months, the economy is still growing at present.

“These results are a timely reminder of the <a href=”//">Reserve Bank of Australia’s recent comments that consumers shouldn’t give in to the gloomy talk on the economy," said ARA director Richard Evans.

For those who are trying to look on the bright side during this difficult time, the Sunday Telegraph has pointed to figures indicating that a family with average home loan commitments and two cars are up to $800 better off than they were when the financial crisis broke in September.

And with more low-interest home loans expected to come on the market following an expected rate cut next week, things could get even easier for average Aussies, the paper claimed.ADNFCR-1761-ID-18892403-ADNFCR