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The weekly ANZ-Roy Morgan consumer confidence index has fallen for the third consecutive week to sit at levels just below the historical average:
The key points from the release are as follows:
- Consumer confidence was down 0.6%, even as Victoria emerged from its brief circuit-breaker lockdown. The details were mixed – confidence around economic conditions improved, but weakened around financial conditions and time to buy household items.
- ‘Current financial conditions’ softened 0.1%, while ‘future financial conditions’ weakened 0.2%.
- ‘Current economic conditions’ was unchanged and ‘future economic conditions’ gained 1.6%.
- ‘Time to buy a major household item’ declined by 3.9%, its largest weekly drop since August 2020. The four-week moving average for inflation expectations was steady at 3.7%.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.