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Growing concerns over job security even as inflation eases

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The NAB Consumer Stress Index report has seen a consistent uptick for the past five quarters, reaching its highest level since the first quarter of 2020.

The primary factor contributing to this stress is the cost of living.

“While the stress related to the cost of living has steadied, apprehensions regarding job security continue to surge, particularly in the December quarter,” notes the report.

The juxtaposition of stable cost-of-living stress against the rising concerns about job security holds significance for the 2024 consumer outlook.

Consumption smoothing

Australians are resorting to “consumption smoothing,” meaning they are making deliberate choices to manage their household finances, support their lifestyles, and handle unforeseen expenses.

Stress levels concerning living costs remained unchanged at 69.4 points during the final three months of December, primarily due to the moderation of inflation.

Overall, the NAB Consumer Stress Index climbed to 59.9 points, up from 56 points in the preceding December quarter.

This development comes as PM Anthony Albanese called a sudden caucus meeting in Canberra, bringing together all Labor MPs to discuss measures aimed at mitigating the inflationary impact on middle Australia’s cost of living.

Job-related stress

NAB also pointed out that apart from job-related stress, consumers are increasingly concerned about the effect of government policies on their future spending and savings plans.

The survey revealed that slightly over one in five consumers now experience “very high” levels of stress due to government policies.

“Consumers also reported the highest level of stress stemming from their ability to fund their retirement since the onset of Covid in March 2020.”

Concerns about job security have been on a steady rise among consumers since the third quarter of 2022, coinciding with more challenging economic conditions.

Consumer anxiety

In the December quarter of 2023, it reached 48.2 points, marking an almost 14% increase from the previous year and consistently exceeding the NAB survey average of 45.8 points.

NAB anticipates that consumer anxiety about job prospects will continue to grow this year as unemployment rates rise amid a slowing economy.

NAB’s forecast indicates that the jobless rate may reach 4.5% by the end of 2024, up from 3.9% recorded last month.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Boeing face delivery delays following guilty criminal charge plea

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Boeing’s deliveries are down after months of controversy, is it because they can’t make the planes, or because airlines right now don’t want them?

Boeing has agreed to plead guilty to a charge of conspiracy to defraud the United States in connection with the investigation into two fatal crashes involving its 737 MAX aircraft.

Boeing reported a significant 27% decrease in deliveries for June compared to the same month last year, possibly attributing the decrease to the companies ongoing controversies.

Aviation expert Geoffrey Thomas joins to discuss. #featured

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Blockchain sparks a transformative influence in Australia

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Professor unveils blockchain’s role in transforming the economy and innovative projects taking place at RMIT University.

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, BTC Markets CEO Caroline Bowler interviews Professor Chris Berg, Director of RMIT Digital3 and Co-Founder of the Blockchain Innovation Hub at RMIT University. They discuss RMIT’s cutting-edge projects and the transformative impact of blockchain technology in Australia.

Professor Berg shares insights into RMIT’s Digital3 philosophy, which combines research, innovation, and collaboration to drive the digital economy. Learn about groundbreaking initiatives in blockchain, cyber security, and AI, and how these disruptive technologies are reshaping business, government, and society.

Discover how RMIT is leading the charge in rethinking and regenerating the way we work through world-class research and tailored education, offering a glimpse into the future of technology and its potential to benefit both the economy and society. #crypto corner

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From $25K to $1.5M in real estate: expert unveils game-changing strategy for investors

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Empower your property investing with these key tips

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Dean Fraser, Founder and CEO of BrickFloor. #trending #wyld money

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