Consumer confidence low, with little optimism

Sad shopper in supermarket. | Newsreel
Consumer confidence has hit a new low for the year. | Photo: Rockaa (iStock)

Consumer confidence is at its lowest level of the year and Australians are becoming increasingly pessimistic about the economy over the next few years.

The latest ANZ-Roy Morgan data showed consumer confidence dropped by 3.2 points in the past month to 80.3, with confidence in the economic outlook over the next five years dropping by 3.6 points.

ANZ Economist Madeline Dunk said when looking at the next 12 months, confidence in the outlook for the economy and for households’ personal finances both recorded the largest weekly declines since October last year, with both subindices falling to 2024 lows.

Ms Dunk said confidence fell across all housing cohorts.

“There was a particularly sharp fall in confidence amongst renters. Meanwhile, those paying off a mortgage recorded their lowest level of confidence this year,” she said.