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Consumer confidence plunges to record low
Australian consumer confidence has plummeted to the lowest levels on record, following a week where Aussies felt uncertain about their future job prospects, according to a new report.
Consumer confidence plunges to record low
Australian consumer confidence has plummeted to the lowest levels on record, following a week where Aussies felt uncertain about their future job prospects, according to a new report.
According to the ANZ Roy Morgan consumer confidence survey, Australia’s overall outlook is 65.3, where a score of 100 or more suggests a positive outlook.
David Plank, ANZ’s head of Australian economics, commented on the findings: “Sentiment took a further hit over the past week, falling to the lowest ever level in the almost 50-year history of the survey.”
“Current economic conditions” fell more than 9 per cent and are down close to 50 per cent over two weeks, to the lowest ever level. And most other aspects of the survey are exceptionally weak.”
The results also showed that government intervention has not helped with consumer confidence, despite giving businesses $130 billion to keep people employed.
“The announcement of the largest fiscal package yet may stabilise confidence, but much will depend on how the pandemic evolves.”
However, despite Australians feeling the economy is in a rough patch, sentiment for the future has improved slightly, with Australians believing the economy will turn.
“There were some glimmers of hope. ‘Future finances’ were up marginally and inflation expectations rose.
“In fact, there was a sharp uptick in the weekly reading of inflation expectations, which rose to 4.3 per cent,” Mr Plank said.
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