The ANZ-Roy Morgan Consumer Confidence index has ended its record nine week run, down 1.3%, due to a weakening in the ‘time to buy a major household item’ component, which declined 5.7%.

According to ANZ head of Australian Economics, David Plank this fall in confidence could be seen as more of a consolidating move than weakness, as it followed one of the most extended stretches of gains in the history of the weekly survey.

“Economic conditions and financial conditions were essentially flat in aggregate, a pleasing result given the news that Australia is almost certainly in a technical recession.”

He said the decline in household items buying intentions sub-index had gained nearly 50% since the low achieved during the height of the pandemic.

Weekly inflation expectations also remained low taking the four-week average down to a historic low of 3.2%.