Australians are over the GFC, Ipsos Mackay 'Mind & Mood' study reveals

- Confidence is rising as we confirm our position as the lucky country -

5 November 2009

Australians are over the Global Financial Crisis (GFC), consumer confidence has grown and Australia’s relative resilience to the GFC has reaffirmed its position as the "lucky country", the latest Ipsos Mackay "Mind & Mood" study has found.

The study asked consumers which issues were currently top of mind and, overwhelmingly, the findings revealed that the GFC is no longer a key issue - a complete turnaround from just nine months ago.

Worries about a real and lasting threat to lifestyles, the role of the Federal Government’s stimulus packages in supporting a slowing economy and consternation about where the economy was going, have been recurring themes in past research. The latest study has found a return to "pre-GFC" consumer issues, such as transport and road tolls, housing, parenting and health.

Ipsos Mackay Director of Research Dr Rebecca Huntley said: “Our new study has found that the GFC has moved from the dominant issue to a secondary one and that Aussies are ‘over it’ in a couple of ways - people are over talking about it and there is a distinct tone of confidence that has returned.

"All hopes that Australia would avoid the worst of the GFC have been realised as Australia bucks the trend, reaffirming that we are indeed the lucky country."

The last Ipsos Mackay Mind & Mood in April this year, unearthed an attitudinal tipping point whereby optimism had been replaced with growing anxiety and the realisation that the GFC had firmly landed on our shores.

Now, many consumers were spurred on by share market recoveries, buoyant housing prices, more robust employment figures, and the likelihood of interest rate increases and were quick to embrace these signals showing the nation was on the road to economic recovery and had moved beyond the bottom of the economic cycle.

Dr Huntley commented: “Whilst consumers may be over the GFC, this is not to say we will see a return to 'pre-GFC' consumer behaviour - we have learnt about bad debt and consumers are tentative and believe they are entering a period of conservative growth."

Participants expressed concerns about the pivotal role of employment and their fears around this issue as well as corporate opportunism through unfair work practices being motivated by profit, such as letting staff go without adequate compensation or taking their operations off shore.

“Australia’s apparent weathering of the GFC with less drama than many other developed nations has reaffirmed its position as a land of prosperity. Rich in resources and offering a relatively privileged lifestyle, many feel ‘blessed’ to call Australia home,” added Dr Huntley.

The respected Ipsos Mackay Report has been conducted over the last 30 years and was initially developed by social researcher Hugh Mackay. Based on qualitative methodology, the research technique used for this report was 12 group discussions which were undertaken in September 2009. Participants ranged from their early 20s to mid 70s and lived in various states across the country.

For all Ipsos Mackay reports, the group discussions follow the principles of non-directive research. This is a very different approach from conventional ‘focus groups’ where individuals are assembled in a central location, generally observed through a two-way mirror or via closed circuit TV and the discussion is actively controlled by the facilitator.

For further information contact:

Rebecca Huntley
T: 02 9900 5100
E: rebecca.huntley@ipsos.com.au

About Ipsos

Ipsos Australia is part of Ipsos worldwide, one of the world's leading survey-based marketing research firms listed on the French stock exchange. Founded and run by market research professionals, Ipsos interprets, simulates, and anticipates the needs and reactions of consumers, customers and citizens – locally, nationally and around the world. Ipsos has a direct presence in more than 50 countries globally and conducts research in more than 100.