The nation’s ability to quash the coronavirus pandemic has fuelled a rise in optimism that Australia is the “lucky country”, according to a new behavioural economics report. A survey conducted by the economic arm of National Australia Bank found the country’s safety and stability in wake of the pandemic prompted a boost in sentiment Australia is the best place to call home.
NAB’s report discovered 94 per cent of respondents believed Australia was a good place to live, a rise of six percentage points compared to the prior year.
Access to nature, a clean environment and higher living standards including quality healthcare, were among the main factors behind the jump.
NAB executive of business banking, Andrew Irvine, said it was good news for businesses.
“This optimism combined with those factors which make this such a great country bode well for our businesses, small and large as we begin rebuilding our economy,” Mr Irvine said.
“Australia really can be considered a lucky country, thanks to the work of so many to contain the virus and support the economy — this has helped to put cash back in the system and kept as many people as possible in jobs.”
The major business bank expects the economy of to be above pre-pandemic levels by the middle of the year.
Seven out of 10 respondents believed Australia would still be a great place to live in 10-years time, which according to NAB is an improvement by 55 per cent on the prior year.
People in the Northern Territory were the most positive about Australia with 100 per cent of people saying it was a great place to live.
South Australians were the least positive with 92 per cent agreeing with the same sstatement.
Older Australians were more optimistic about the country’s prosperity compared to younger generations.
However fewer people believed the country had a clear vision on what it would look like in the future.
Mr Irvine said the numbers had improved compared to the previous year but there needed to be more public dialogue on the country’s future vision.
“More conversation is needed around Australia and what we stand for and where we are going as country,” he said.
He said businesses and household had benefited from stimulus measures and there was a higher propensity to save.
Mr Irvine said the switch to domestic travel would assist regional areas being pumped with cash from metropolitan Australians eagar to being insterstate travel.
“Australians spend more money internationally than international travel and tourists spend in Australia,” he said.
“We actually don’t need foreign travel to completely re-energise our domestic tourism (market).”