The Australian ANZ – Roy Morgan consumer confidence survey is conducted weekly.
It shows consumers are persistently, and deeply, pessimistic. High inflation and a central bank that is hiking rates aggressively, and yet still floundering, is weighing on sentiment. Earlier this week WPAC highlighted concerns over employment rising too:
ANZ comments on its report today:
- Australian Consumer Confidence fell to its lowest since April 2020.
- Confidence has been extremely weak for the last 15wks.
- Confidence about current and future economic conditions fell sharply over the week following the RBA rate hike to 4.1%.
As part of the survey is a question on expectations for inflation. Stayed at 5.5% this week.