Consumer Confidence: sentiment plunges

ANZ-Roy Morgan Australian Consumer Confidence plunged 6% last week, closing just below its long term average and at its lowest level for more than a year. All components of the survey fell sharply.

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ANZ’s Head of Australian Economics, David Plank, commented:

“Confidence plunged by 6% last week, bringing the index to its lowest level since September 2017. There was no glimmer of better news in the sub-indices, with all confidence measures down sharply. Loss of Liberal stronghold Wentworth may have highlighted political uncertainty in the public mind. Higher petrol prices may also be impacting sentiment. Certainly there was no cheer from the favourable labour market numbers released last week. There are no local data of note released this week, which will provide clear air for even more focus than usual on political developments – as if an excuse was needed.”

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