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
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. ...Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. ...Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. ...Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. ...Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. ...Read more
Spending
Sydney ranks among top data centre markets in the world
Sydney ranked eighth globally and clinched the third spot in the Asia-Pacific data centre market as the industry continues to expand at a breakneck speed. ...Read more
Spending
The trends driving consumer change in 2022
Global research has provided insight into the top consumer trends for the 2022 calendar year. ...Read more
Spending
Household spending takes a hit after strong December
Strong spending over the Christmas shopping period in December has been followed by a weaker January. ...Read more
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. ...Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. ...Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. ...Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. ...Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. ...Read more
Spending
Sydney ranks among top data centre markets in the world
Sydney ranked eighth globally and clinched the third spot in the Asia-Pacific data centre market as the industry continues to expand at a breakneck speed. ...Read more
Spending
The trends driving consumer change in 2022
Global research has provided insight into the top consumer trends for the 2022 calendar year. ...Read more
Spending
Household spending takes a hit after strong December
Strong spending over the Christmas shopping period in December has been followed by a weaker January. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
