Index in development to measure consumer experience

The Consumer Policy Research Centre, our only consumer think tank, is developing an index to measure how well our markets stack up to our wellbeing. The Consumer Index might be able to provide policymakers and regulators with a more comprehensive picture of consumer experiences and outcomes across essential service markets as a complement to economic measures of market performance.

The CPRC is publishing reports to understand things that impact, both positively and negatively, consumer experience. The CPRC says consumers have been changed by the pandemic, with elements that truly improve our wellbeing a centre of focus for us to emerge with stronger communities and a stronger country.

Australians are frustrated and stressed, with a lot more pressure on making effective choices, finding services and information online, and feeling like a number. This is, the CPRC says, a real-world negative impact, such as being on hold for long periods of time, navigating complex documents for the fine print, and spending hours trying to solve problems with the resources we have. We can easily end up in a worse position, not through lack of trying.

The two-part report explores a wellbeing approach to consumer policy in Australia, with the first section looking into the effects of the pandemic and our changing expectations. Part two looks into ways to better measure societal wellbeing with early thinking on wellbeing approaches applied by governments.

A major research project is due to be released in early 2022 with the establishment of an advisory committee to guide index development.