what is the correct consistency for cream cheese frosting
My current favorite cream cheese frosting recipe comes from Thomas Keller's book Under Pressure - page 218. The proportions of the major ingredients include:

cream cheese: 100%, butter: 68%, sugar: 132%

Your recipe uses:

cream cheese: 100%, butter: 24%, sugar: 80% (using the maximum recommended amount).

It may be that you just need a lot more sugar (or more sugar and butter), or it may be that the cheese being sold in your part of the world is not the "cream cheese" we know of here in the USA.