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Consumer confidence has plummeted to its lowest point since the 2008 global financial meltdown, coinciding with rising prices.
“That’s quite concerning,” remarked Will Golsby, the Chief Executive of the Chamber of Commerce and Industry WA, in an interview with 9News.
“We’ve witnessed a significant drop in confidence throughout the community,” he added.
A recent survey conducted by the chamber revealed that 63% of consumers are feeling increased pressure from fuel costs, while 27% are affected by rising interest rates.
Consequently, one in three people are either cancelling or shortening their travel plans, and a staggering 80% are cutting back on discretionary spending.
“That flow-on effect to business, especially at a busy time like Easter, when travel, tourism, our regional businesses are all going to be impacted,” Golsby said.
Golsby called for extra help in the upcoming state budget.
“We think the government needs to look at transport costs – costs right across the board – household costs, electricity,” Golsby said.
WA Opposition Leader Basil Zempilas also called out the rising costs.
“We know that fish is more expensive than it’s ever been,” he said.
“We know that the price of meat at supermarkets has gone up. We know the price of fresh fruit and veggies is on the rise.”
WA Treasurer Rita Saffioti promised cost of living was at the top of the agenda but remained coy on possible announcements.
“I’ll release that on budget day but supporting households during these testing times is a number one priority of this government,” she said.
The six companies providing fuel to WA who are compelled by the energy minister’s new emergency powers have been revealed as BP, Viva, Chevron, Mobil, United and Ampol.
They’re required to provide “sensitive information” in relation to stock and distribution, or risk being fined up to $100,000 per day.
Four of them complied before the emergency powers for fuel were enacted, while two suppliers were still holding back. Their time runs out tomorrow.
“Look, they’ve been co-operative, but we want them to be more transparent,” Premier Roger Cook said.
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