The ANZ-Roy Morgan Consumer Confidence survey has been released for last weekend, which shows that confidence plunged 5.7 points to 104.3 – the lowest reading since early November 2020:
Consumer confidence dropped 5.2% last week, its sharpest weekly fall since late March 2020. The fall follows the extension and tightening of the Sydney lockdown and the fifth lockdown in Melbourne. While the decline was sharp, confidence is still well above the levels seen through the first phase of the pandemic in 2020.
Four out of five of the sub indices fell significantly. ‘Current financial conditions’ was the only component to register a gain of 1.2%, while ‘future financial conditions’ lost 3.4%.
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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.
