The Westpac-Melbourne Institute unemployment expectations index climbed to 180.7 index points in January.
It was the highest score since November 1982, in the midst of a year-long recession.
The survey of 1200 people was conducted last week, before mining giant BHP Billiton announced 3400 Australian job cuts and new data on a slowing Chinese economy.
People's pessimism about the labour market had hit recession levels, said Westpac senior economist Anthony Thompson.
The index of unemployment expectations is up 5 per cent already this month, to the third highest score in the survey's 34-year history.
Director of the University of Sydney's Workplace Research Centre, John Buchanan, said consumers were becoming more worried about unemployment as their friends and family lost jobs.
"It's not just the news headlines, it's their experience. They have seen or know people who have lost their work,'' Dr Buchanan said.
"When it's hitting sectors like retail, finance and manufacturing, you're talking about very large numbers.''
Westpac expects the jobless rate to hit 6 per cent in 2009, up from 4.5 per cent, as employment growth falls to zero.
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