Australians pessimistic about economic future, poll says
Make us a preferred source
Make us a preferred source on Google
The news: Australians are increasingly pessimistic about the country’s economic future, supportive of free trade, and apprehensive of a Chinese security threat, according to the Lowy Institute Poll 2024 Report.
The numbers: In 2020, overall economic optimism among Australians plunged to 53%, the lowest recorded in the poll’s 20 year history. Optimism bounced back to 79% in 2021, the highest since the post-GFC recovery, but in 2024 only 58% of Australians are economically optimistic following a steady decline over the past three years.
Australians are looking to global markets for economic improvement, with a steady increase in support for free trade over the last four years. In 2024, 77% of Australians said that free trade was good for the economy, and 80% believed free trade was good for their standard of living.
Free trade is not for all comers, however. In 2015, 77% of Australians saw China as an economic partner to Australia – that has fallen to 44% in 2024, with the majority of Australians (53%) now viewing it as a security threat. Australians rated the Labor government’s handling of relations with China 5.3 out of 10. Australians looked elsewhere in East Asia for allies, with 45% hoping that Australia established closer security ties with Japan and 42% believing Japan was “Australia’s best friend in Asia”.
Around 83% of Australians viewed the ANZUS security alliance as important to Australian national security, and 68% of Australians would choose Joe Biden in the upcoming 2024 election if given the chance.
Climate change concerns have slightly decreased following the pandemic after nearly a decade of steady growth, with 57% of Australians currently believing that climate change is a pressing issue that needed immediate action.
The context: Australians were split on a number of broad geopolitical issues: beliefs that immigration is too high slightly outweighed support for higher immigration, fears of AI tipped its perceived benefit, and beliefs on maintaining a stable relationship with China to deter its use of military force near perfectly split.
The highest criticism of the Australian government was on the handling of humanitarian issues and the Israel-Hamas war. Australians overwhelmingly supported continued aid to Ukraine, with Russia ranking among the lowest countries in Australian public trust and warm feelings.
The source: Lowy Institute Poll 2024
