Consumer confidence has fallen to its lowest level in six months.
The latest ANZ-Roy Morgan Australian Consumer Confidence report showed confidence dropped by 3.5 points last week to 77 points, with the four-week moving average falling 0.8 points to 79.9 points.
ANZ Economist Madeline Dunk said the index recorded its largest weekly fall of the year to drop below 80 points for the first time in six months.
“There were broad-based declines across all subindices, possibly in response to last week’s GDP data which confirmed Australia’s economic growth is very weak,” Ms Dunk said.
She said households were particularly wary about the year ahead, with subindices for the 12-month outlook for the economy and households’ own financial situation recording their largest weekly declines of the year.
“This leaves both subindices at their lowest levels since November.
“Across the housing cohorts, confidence is at a 2024 low for households with a mortgage and those who own their home outright, but not for renters, despite a 6.3 point fall in confidence last week,” she said.
The report showed weekly inflation expectations fell 0.2 points to 4.8 per cent, while the four-week moving average was unchanged at 4.9 percent.
The view of financial conditions over the past year dropped 4.2 points, while the sentiment around future financial conditions, over the next 12 months, declined 4.9 points.
Ms Dunk said short-term economic confidence, over the next 12 months, was down 5.6 points with economic confidence about the next five years falling 1.4 points.
