Elections not enough, says mortgage broker

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It’s going to take more than a change of government to boost economic confidence, according to mortgage broking franchise Aussie Home Loans, which points to a recent survey that shows 73% of Australians believe their finances will be ‘the same’ or ‘worse’ after the election – regardless of who wins.

Aussie founder and chairman John Symond believes the public remains highly influenced by the economic situation overseas and the purported ‘two-speed’ economy. The result is a cautiousness that has continued since the GFC.

“People will need to see genuine economic recovery in order to boost their confidence. It is heartening to see that almost half the people surveyed intend to purchase somewhere in the next two years, but the economic pessimism may take some time yet to recover from.”

The survey of 1,000 people aged between 18-65, conducted by Nine Rewards, found that 42.3% of Australians are considering purchasing property within the next two years, with 32.9% of respondents feeling ‘a little’ or ‘very’ concerned with the current state of the Australian economy. 

More than half the respondents (56.2%) feel that another minority government, regardless of which party leads, would make them less, or far less confident with state of the economy – but an astounding 36.3% feel that it would not change their confidence.

The survey was undertaken in the final week of August.

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