More Australians believe economic conditions will improve in the next year, while there are fewer people concerned about losing their job, a new survey shows.
Essential Research’s weekly online survey found 66 per cent of respondents expect economic conditions to get better in the next 12 months, up from 55 per cent when the question was last asked in August.
Only 15 per cent of the 1,018 respondents thought conditions would worsen.
The survey result comes just hours before the Reserve Bank of Australia (RBA) is due to announce its interest rate decision at 2.30pm (AEDT) following Tuesday’s monthly board meeting.
A growing number of economists believe the central bank could raise the official cash rate by 25 basis points at the meeting on continuing signs that the worst of the downturn has passed and the economy is now in recovery.
RBA Governor Glenn Stevens has warned repeatedly the central bank will not keep the cash rate at an “emergency” level of 3.0 per cent for longer than is necessary.
The Essential survey also found that fewer than half of respondents now fear that they or a member of their family will lose their job, compared with 53 per cent in August and 67 per cent back in April.
Respondents working in the private sector were also asked whether their business or company was doing better or worse than 12 months ago, with 28 per cent saying better, 29 per cent saying worse and 34 per cent saying about the same.