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The mood among Australian consumers continues to worsen, with the ANZ-Roy Morgan consumer confidence index plunging to its lowest level since mid August 2020 when Australia was in the early stages of the pandemic:
Four of the five confidence subindices dropped.
‘Current financial conditions’ fell 4.4%, while ‘future financial conditions’ dropped 0.4%. ‘Current economic conditions’ increased 1.5%, while future economic conditions decreased slightly by 0.2%. ‘Time to buy a major household item’ also fell 2.7%, dropping 14.7% over the past three weeks.
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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.