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Financial decision-maker sentiment: Australia

An ongoing look at how the attitudes of financial decision makers in Australia are evolving during the COVID-19 pandemic.

Almost all financial decision makers in Australia view the current economy as neutral or weak and most expect it to remain the same or weaken in the next three months. 40 percent of consumers are concerned or somewhat concerned about their job security, down from 50 percent in April. Roughly half of consumers claim to only have four months or fewer in savings to live off. The majority of consumers feel banks are performing per their expectations and would like them to waive late fees and reduce minimum payments on credit cards. Contactless payments have seen increased usage over the past month, while cash usage has decreased.

About the author(s)

Eleanor Bensley is an associate partner in McKinsey’s Sydney office, where Jonathan Michael is a partner, John Euart is an associate in the New York office, and David Hutchinson is a specialist in the New Jersey office.

The authors would like to thank Manya Jain for her contributions to this article.

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