DECLINE IN CONSUMER CONFIDENCE
The Member for Berowra, Philip Ruddock MP said that the strong decline in consumer confidence should come as a final warning to the Rudd Government to stop talking down the economy.
“According to the Westpac-Melbourne Institute index of consumer sentiment, released today, confidence is at its lowest level since June 1993, 24.2 per cent below where it was just 12 months ago,” Mr Ruddock said.
“This is the latest in a series of surveys which show consumer confidence has collapsed since the election of the Rudd Government.
“Since taking office the Prime Minister, Kevin Rudd MP and his team have all been claiming inflation is running out of control.
“We know the purpose of using this exaggerated and overblown rhetoric is to criticise the Howard government’s economic record.”
All of this is taking place against an uncertain international economic background.
The position of the global economy is quite delicately poised. The IMF has cut its forecast for global growth this year and says that world economy will expand 3.7 percent in 2008, the slowest pace since 2002.
“The Australian economy is resilient and well placed to ride out the global turmoil. But it is vital that public figures not use immoderate language on our domestic economic conditions, lest they risk exacerbating any potential economic fallout that may flow on to Australia from the US and global economic situation,” Philip Ruddock said.