Australians are optimistic about the future but believe it will take between a few months and until the end of the year for things to recover.

Consumer confidence is an important aspect of recovery for the nation. While Australians believe their confidence will recover, they do not expect it to happen for a while. More than a third of Australians (35%) believe it will take a few months for them to feel confident to eat out at restaurants and cafes, while almost three in ten (27%) believe it will be the end of the year until they feel confident. Feeling confident to attend social gatherings is on a similar timeframe, with 32% believing they will feel confident in the next few months, and three in ten 29% believing it will take until the end of the year for their confidence to return.

Recovery rates of different sectors

It is likely to take longer for Australians to recover the sense of feeling safe in their local community, with 24% believing it will take until the end of the year and 13% believing it will take until mid-2021.

The road to financial recovery

Despite Australians being optimistic about the road ahead, the road to financial recovery is expected to carry over into next year. One in five Australians (22%) believe it will take until the end of the year for them to personally recover financially. One in six (18%) believe it will take until mid-2021 while 11% believe it will take years for them to recover financially.

Australians believe it will take time for them to financially recover

Australians have appreciated the support of the government through this crisis with many taking advantage of the JobSeeker or JobKeeper payments. The estimated cost of the JobKeeper stimulus is $70 billion over the next six months1. With this in mind Australians expect the economic recovery of the nation to take at least until mid-2021 (22%), if not years (39%).

Steps taken to flatten the curve have been worth it.

Despite all the sacrifices and challenges Australians have experienced living through COVID-19, they are positive about the actions taken to flatten the curve and save Australian lives. More than nine in ten Australians (92%) believe the restrictions put in place by the government to flatten the curve have been worth it.

Government restrictions have been worth it

 

1.Australian Government The Treasury, JobKeeper update: Joint media release with the Australian Taxation Office, 22 May 2020.

 

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