Optimism suffers post-Budget slump


After reaching record highs in February, optimisim about the future of the economy has slumped following the May Federal Budget, according to a survey released by Allianz.
Allianz and Newspoll had conducted a bi-monthly survey, which measures Australians' level of optimism about the future of the economy, environment and society.
The survey found optimism about the future of the economy slumped following the May Federal Budget, with the largest decline in sentiment experienced by West Australians.
"Australians began 2013 in a much more optimistic frame of mind when it comes to their outlook on the economy; however, this has proved short-lived," according to Allianz Australia managing director Niran Peiris.
"After rising to a 12-month high in February, optimism about the future of the economy has slumped following the May Federal Budget."
The decline in optimism was particularly apparent among older Australians, Peiris added, while sentiment among Labor voters fell significantly more than for Coalition voters.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.