"The index is now at its lowest level since August 2011, when it briefly fell below 90," he said.
"Prior to that you have to go all the way back to May 2009 to see a period when the index printed consistently below today's level.
"Respondents are clearly concerned about the outlook for the economy and job security. In addition there is ongoing disillusionment about the May budget, six months after it was announced," he said.
The people surveyed were most pessimistic about whether or not it was a good time to buy a major household item, marking down that sub-index by nearly 12 per cent. They were also particularly gloomy on what economic conditions would be like over the 12 months.
Wednesday's survey is the latest in a string of downbeat economic indicators. On Tuesday, National Australia Bank became the second of the nation's big four banks to change its call on interest rates next year after its closely-watched business survey revealed gloomy findings supporting two rate cuts in 2015.
NAB downgraded its growth outlook and increased its peak unemployment forecast. Its monthly business survey showed a retreat in business conditions during November, declining 8 points to a reading of 5 points.
We need a new govt; urgently.

579
Notice how they are all flapping about with all sorts of suggestions
about this and that. read your last post that says it all.
Indicators this, indexes that; it is all waffle !

You said;
We need a new govt; urgently.
What we need is both parties to sit down together and try and understand what is happening.

Clearly like the mainstream economists they do not have a clue.
We need a coalition government of all parties except the greens.
They know less that all the rest put together.
Alright, alright, let them in but sit them down the other end of the table.

If someone says we can have unlimited growth in a finite world
he is either a madman or an economist.

For much of the past year, the Republican Party has been doing its best to scare people. Its electoral strategy was dependent on people feeling that we are a nation in decline. The GOP knew that the only way it would do well was by making people feel bad about America.

The problem with that strategy? America is not a nation in decline. In fact, after staring into the abyss, we've come roaring back with a vengeance. Our economy is stronger today than it has been in over a decade.
America is in a better place today because we fought hard for our values and refused to give up in the face of relentless opposition. Just look at the facts.
Our economy is experiencing its fastest pace of growth in over a decade. The GDP rose to 5.0% in the third quarter of this year, and the deficit has been cut by two-thirds under President Obama, according to Treasury Department figures.
More Americans are getting back to work. We are in the midst of the longest stretch of private sector job growth on record, with nearly 11 million jobs added over 57 straight months.

In November, we saw the highest single month of job creation in nearly three years, and 2014 has already been the strongest year for job growth since 1999. And we are not only creating more jobs, but better-paying jobs -- wages are up and higher-paying industries are adding workers.
The American people are also saving money at the pump. In fact, the United States is now the world's number one producer of oil and natural gas, and gas prices are headed to their lowest level in 11 years -- a decrease that is expected to save American families $550.

Americans recognize the progress. They know that these numbers are more than statistics, they are signs of our nation's resurgence. The number of Americans who think that now is a good time to find a quality job is back to pre-recession levels, and we are heading into the new year with consumer confidence at a seven-year high.

The AU dollar in freefall, could hit 50 cents. With a low dollar and cheap fuel this should be time for rebuilding our manufacturing, instead we are in no mans land with no direction.
Low wages growth has sent consumer confidence to the doldrums, business confidence has hit an all-time low. AU is in a mess.
Unemployment at a nine year high and rising is this Abbott’s plan to wreak the economy and impose another workchoices.
AU has had 22 years of successive growth, and now looks very weak. Our credit rating will be at stake also.
With interest rates non existent, we should be booming. We need direction not negative reactions from a non directional govt;
All of this out of a budget strategy that was way over the top, and all suited to the top end of town.
Business has given up on govt; and seen as a dead duck.
Something needs to change quickly or we are in diabolical trouble. Even the Date of an election could be enough to turn the tide. Lets hope we have a turn for the better soon.

The removal of the carbon tax was a failure, what has it achieved. Butch said it’s removal would create a boom in business, it shrunk confidence to an extent not seen for decades.
Abbott says the removal was his greatest achievement, for what no one knows. Work choices, is beginning to stir again, aimed at overtime and shift rates, for an industry that is over represented in the community.
Federal govt; needs to be fixed and soon.

Climate change and Abbott govt; are non existent, which doesn't sit well with most of AU citizens. That is another reason for swift action.

579
Of course the implementation and the removal of the carbon tax had no effect.
Worrying about global warming is the wrong problem to worry about.

The fall in the ERoEI of coal & oil means we need to get to work on
alternative energy sources and a high ERoEI backup generator.

What are your suggestions, I don't believe that you think only
political changes will fix the problem ?