Consumer confidence slipped slightly down 0.8%, now 9.6% below the same week a year ago, according to the latest data from ANZ-Roy Morgan. The index has been sitting below the 80 mark for 18 weeks straight, the longest stretch below 80 since October 2008, when it is was monitored on a weekly basis.
Results were mixed nationally with sentiment down in NSW, Victoria and Queensland, but tracking upwards in South Australia and Western Australia.
Driving the results were negative attitudes towards personal finances and views on the long-term outlook for the economy. The ‘time to buy a major household item’ indicator rose 1% but a clear majority of 52% said now was a bad time to buy.
Commenting on the results, ANZ senior economist Adelaide Timbrell said the four-week average level of confidence was the second-worst result in the last 30 years, second only to the first four weeks of the pandemic.
“Both ‘current’ and ‘future financial conditions’ remain persistently weak as inflation expectations hit their highest four-week average for 2023,” she said. “Those paying off their homes continue to have the lowest confidence, 6% below the average for all survey participants.”