The ANZ-Roy Morgan consumer confidence index has taken another hit from Victoria’s latest lockdown, falling by 0.6% in the weekend of 6/7 June:
According to ANZ Head of Australian Economics, David Plank:
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Consumer confidence fell another 0.6% as the lockdown in Melbourne was extended until at least 10 June. Confidence fell by 2.4% in Melbourne and by 0.6% in Brisbane, but it was up 4.3% in Sydney.
The emergence of a more infectious strain of COVID is raising concerns that the lockdown could be extended again. This could have a more lasting impact on confidence than we have seen with recent snap lockdowns. Still, the fact that consumers became more confident about future financial and economic conditions suggests even a longer shutdown may not have a permanently dampening effect on overall sentiment.