A new survey revealed that most of the Australian consumers are still not ready to spend more. Though many of them said that they believe the global crisis has come to an end.

The survey was conducted by the Australian National Retailers Association. The association said that recent interest rate rises were eating the incomes and dampening consumer confidence.

According to the result of the survey, 56% of the respondents said that they believe that the global crisis time has ended. On the other hand, only 39% of the surveyed people said that they are ready to spend their income on consumer durables, clothing and shoes. The Australian National Retailers Association conducted the survey over 1000 Australians.

The survey also showed that 47% of the respondents said they would only go shopping when there was a sale on. While 47% of the people said that they saved last year's cash handout from the federal government instead of spending it.

"Shrewd shoppers will create challenges for retailers this year. There are still a few obstacles on the path to recovery and rising interest rates is the largest hurdle," said Margy Osmond, Chief Executive of ANRA.