Consumer confidence collapses below GFC’s low


The latest ANZ-Roy Morgan consumer confidence survey dived another 4.1% last week as cost-of-living concerns rise:

Consumer confidence index

The key movements are as follows:

  • Consumer confidence dropped 4.1% last week, to its lowest level since mid-August 2020. Among the major states, confidence decreased in NSW, Victoria, Queensland and WA, but increased in SA.
  • ‘Weekly inflation expectations’ increased 0.2ppt to 5.7%, while its fourweek moving average also rose 0.2ppt to 5.5%.
  • All the five confidence subindices registered losses. ‘Current financial conditions’ dropped 0.2%, its fourth consecutive weekly decline. ‘Future financial conditions’ fell 4.3% after a 5.5% decrease the week before.
  • ‘Current economic conditions’ plunged 9.4% after a 3.5% gain over the past three weeks. Future economic conditions were down 2.1%.
  • ‘Time to buy a major household item’ dropped 4.7%, after a 10.1% increase over the previous two 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.