ANZ-Roy Morgan Consumer Confidence decreased a further 4.4% this week after multiple Australian cities were concurrently placed in lockdown.
Confidence in Sydney went down 10%, 8.7% in Brisbane and 6.5% in Adelaide. The decline was less savage in Melbourne, falling 2.7%. Regional NSW also had a loss, falling 1.6%.
All five indexes fell with the largest falls around economic prospects for the next year and the next five years while the number of consumers who think now is a good time to buy a major household item declined by 4%.
ANZ head of Australian Economics, David Plank, said consumer confidence has dropped to its lowest level since the first week of April.
“With the lockdowns in Brisbane and Perth coming to an end, we can expect confidence, and consumer spending to rebound reasonably quickly given past experience, but much will depend on whether restrictions in Sydney are able to be eased,” he said.