The weekly ANZ-Roy Morgan consumer confidence index fell another 0.5%, which was the second weakest result since early December 2023:

Confidence is now 36pts lower than its pre-COVID five-year (2015–19) average. It has also spent a record 76 straight weeks below the mark of 85.
Commenting on the result, ANZ Economist Madeline Dunk noted:
“While all subindices remain well below their pre-COVID five-year average, the time to buy a major household item subindex is particularly weak, down 62pts”.
“Households are also very concerned about their current financial position, with the subindex down 41pts relative to the pre-COVID five-year average”.
The most disturbing aspect of the survey is that net sentiment regarding the Australian economy in the longer term has collapsed to its lowest level so far this year:

Only 10% (down 2ppts) of Australians expect ‘good times’ for the economy over the next five years, which is the lowest reading for this indicator since November 2023, immediately after the last interest rate rise.
By comparison, just over one fifth (22%) of respondents expect ‘bad times’ for the economy.
In short, Australians have lost faith in the longer-term prospects of the economy.
Given that real wages are predicted to take more than a decade to recover, who can blame them for being so pessimistic?
