ANZ consumer confidence hits new lows

There’s no stopping it:

Confidence was down again last week, falling 1.1%. The weakness was predominantly due to the economic conditions component of the index.

  • Current economic conditions fell by 2.6%, while future economic conditions were more downbeat, falling 4.9%. Both these subindices are near their multiyear lows.
  • In contrast, financial conditions were upbeat, with current financial conditions gaining 0.3% and future financial conditions gaining 0.2%.
  • The ‘Time to buy a household item’ gained 0.4% after falling 3.9% in the previous reading. The four-week moving average of inflation expectations declined by 0.1ppt to 3.9% as the weekly reading fell to 3.8%, its lowest level since the end of June.

ANZ Head of Australian Economics, David Plank, commented:

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