The ANZ-Roy Morgan consumer confidence index has continued its losing streak, falling 2.8% last week to its lowest level in more than four years. And the weakness was felt across the board.
Current financial conditions fell 0.1%, future financials s plunged 4.4% and while current financial conditions were above average futures are now below average. Current economic conditions also fell, reaching a four-year low, while future economic conditions declined 4.6%, now sitting at an all-time low.
The ‘time to buy a household item’ was also at a multi-year low, falling 3.3%.
ANZ Australian Economics head, David Plank said the weaker economic conditions and the decline in the ‘time to buy a household item,’ sub-index has spurred overall consumer confidence to fall even further.
“The weakness continues to be driven by a very pessimistic economic outlook. Consumer views on the future economic outlook are now at their lowest in the history of the survey and this seems to be impacting sentiment toward consumers’ own finances, with future expectations of financial conditions now below average.
“Consumers are much happier about their current financial conditions, but it will be difficult for this to dominate such negative expectations about the economic outlook,” Plank said.