The ANZ-Roy Morgan consumer confidence index falling 1.4% in the weekend of 24-25 April to 112.4 points, although it remains above the four-week average of 112.1 points:
According to ANZ Head of Australian Economics, David Plank, the fall in confidence was driven by the snap three-day lockdown across Greater Perth:
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The three-day lockdown of the Perth and Peel region following the emergence of new COVID-19 infections led to a fall of 1.4% in consumer confidence. Not surprisingly, sentiment in Perth fell the most (-8.2%), but Brisbane (-4.9%), Sydney (-3.6%) and Melbourne (-4.4%) were also impacted. Both the ‘current’ and ‘future economic conditions’ took a hit following a rise in the past two weeks. This fall is possibly due to the uncertainty surrounding the new strains of the virus. We know, however, from previous experience that a quick resolution of the lockdown will see sentiment (and spending) rebound very quickly.
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