The ANZ-Roy Morgan weekly consumer confidence index has bombed 2.6% amid last week’s financial markets meltdown and the reinstatement of full petrol excise.
The key movements driving the result are summarised below, with four out of five sub-indices declining:
- Consumer confidence retreated 2.6% last week, offsetting the gains over September. Confidence fell in all mainland states – its first synchronous drop since early August.
- ‘Weekly inflation expectations’ spiked by 0.6ppt to 5.6%, its highest level since mid-August. The four-week moving average rose 0.1ppt to 5.4%.
- Four of the five confidence subindices declined. The economic subindices plunged, with ‘current economic conditions’ down by 7.6% and ‘future economic conditions’ declining 7.5%.
- ‘Current financial conditions’ fell by 1.5%, while ‘future financial conditions’ weakened by 1%.
- ‘Time to buy a major household item’ was the only subindex to improve, rising 4.8%, its fifth consecutive weekly gain.
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