Australian Prime Minister Kevin Rudd said on Wednesday that the surging oil prices and the global financial crisis were blamed for Australians' lowest confidence level since the recession.
The latest News poll survey of standard of living expectations has found Australians fear for the future and believe their standard of living is going to drop in the next six months.
The poll, conducted for News Ltd, shows the percentage of people who think their living conditions will worsen has jumped from 18 percent just after November's federal election, to 43 percent - the biggest jump in the survey's 23-year history.
In contrast, just 13 percent of people believe things will improve in the next six months, down from 21 percent, while 42 percent remained undecided.
Rudd said oil prices and the global financial crisis had brought confidence down to record levels in the United States, Britain and New Zealand.
"We have a global phenomenon here and it's about the global financial crisis, which has been unfolding since August of last year," Australian Associated Press quoted him as saying in Sydney.
"We have this year the greatest global oil shock in 30 years. And in Australia's case, we also have the cumulative effect of 12 interest rises in a row - 10 before we assumed office. All this washes through," he said.
Source:Xinhua
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