Invest
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.
About the author

About the author


Spending
Where are Aussies looking to spend their money in 2021?
Australians are increasing their spending intentions, with travel and entertainment set to be the big winners, a new report has revealed. ...Read more

Spending
Toyota returns $18m in JobKeeper payments
An unexpected surge in sales in 2020 has inspired car manufacturer Toyota to write an $18 million check to the government, returning the amount it received in JobKeeper subsidies and touting the move...Read more

Spending
Aussies spend up big during pre-Christmas sales
Consumers have taken advantage of new freedoms post-lockdown and pre-Christmas discounts as retail sales soared in November, official figures have revealed. ...Read more

Spending
Aussies unlikely to splash the cash following pandemic
Australian consumers are likely to cut back on discretionary items in 2021 with many re-evaluating their spending habits following the COVID-19 pandemic, new research has revealed. ...Read more

Spending
‘It’s back’: SA unveils second Great State Voucher
South Australian residences or those planning to travel to the state could save up to $150 as the government continues its support for the local tourism sector. ...Read more

Spending
Rise in health premiums at 20-year low, but there’s a catch
While the Australian government’s health insurance reforms have resulted in the lowest annual average premium change since 2001, according to experts consumers could still see a “whacking” prem...Read more

Spending
Young Aussies pressured to buy love this Christmas
Younger Australians are likely to spend more this Christmas as they equate expensive gifts with love, a researcher has found. ...Read more

Spending
Buying local this Christmas could raise over $1bn for small business
New research suggests that Australians could deliver an estimated $1.12 billion to the small-business sector this Christmas just by buying one more gift from their favourite local business. ...Read more

Spending
Where are Aussies looking to spend their money in 2021?
Australians are increasing their spending intentions, with travel and entertainment set to be the big winners, a new report has revealed. ...Read more

Spending
Toyota returns $18m in JobKeeper payments
An unexpected surge in sales in 2020 has inspired car manufacturer Toyota to write an $18 million check to the government, returning the amount it received in JobKeeper subsidies and touting the move...Read more

Spending
Aussies spend up big during pre-Christmas sales
Consumers have taken advantage of new freedoms post-lockdown and pre-Christmas discounts as retail sales soared in November, official figures have revealed. ...Read more

Spending
Aussies unlikely to splash the cash following pandemic
Australian consumers are likely to cut back on discretionary items in 2021 with many re-evaluating their spending habits following the COVID-19 pandemic, new research has revealed. ...Read more

Spending
‘It’s back’: SA unveils second Great State Voucher
South Australian residences or those planning to travel to the state could save up to $150 as the government continues its support for the local tourism sector. ...Read more

Spending
Rise in health premiums at 20-year low, but there’s a catch
While the Australian government’s health insurance reforms have resulted in the lowest annual average premium change since 2001, according to experts consumers could still see a “whacking” prem...Read more

Spending
Young Aussies pressured to buy love this Christmas
Younger Australians are likely to spend more this Christmas as they equate expensive gifts with love, a researcher has found. ...Read more

Spending
Buying local this Christmas could raise over $1bn for small business
New research suggests that Australians could deliver an estimated $1.12 billion to the small-business sector this Christmas just by buying one more gift from their favourite local business. ...Read more