Consumer confidence crashes anew

Via ANZ:

ANZ’s survey of consumer confidence dived 3.2 per cent last week, to a five-and-a-half year low as coronavirus concerns spread across the world.

The current economic conditions subindex declined by 16.6pc, the largest since January 2009, as the stock market fell into correction territory.

“The fall seen in ‘current economic conditions’ shows that Australians are getting skittish about the well-being of the economy, though they are still quite content about their personal financial circumstances,” ANZ head of Australian Economics David Plank says.

“This divergence remains the most notable aspect of the confidence survey. So far the negative economic outlook has been a better guide to household spending than more positive financial sentiment.”

New record lows coming…

David Llewellyn-Smith
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Comments

    • BoomToBustMEMBER

      We did that for a few years but it didnt pay that well, by the time you pay for the food of a teenager and need to deal with their $h1t which becomes more problematic we would throw them out end of y11 and get a new one. Cost of living makes it non viable anymore. Besides who would want a Covid-19 infection living in your house with your family that practices poor hygiene with an attitude ?

      • I heard you get more if they have the virus. I will sign up for 50 and house them in the spare rooms of my slum tenants. It’s the Australian way.

  1. Goldstandard1MEMBER

    It’s interesting that everyone is very concerned, but their own finances will be fine. Your job is secure and your shares/savings/house will not drop in value. Even though the economy is guaranteed going into recession or depression!
    Denial?

    • Jumping jack flash

      Typical thinking during a crisis.
      A good example is that I was always told that if your neighbour loses their job its a recession, if you lose yours its a depression.

  2. Jumping jack flash

    More debt will obviously fix thing.
    Quick, lower the interbank lending rate.

    Or we could get Scotty to pray for the economy or get Phil in a trance waving his shaman stick.

    All equally as effective as the other.