2023: the year that smashed Australian consumers

ANZ-Roy Morgan’s latest consumer confidence survey shows that confidence rose 1pt to 81.8 in the week to 17 December, a second straight weekly increase to end the year at its highest since early February 2023.

However, the consumer confidence index has now spent a record 46 straight weeks below the mark of 85. The index has also ended 2023 0.7pts below the same week a year ago (82.5).

Meanwhile, the 2023 weekly average of 78.0 is a record low for the index, below the previous record low of 82.6 in 1990:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.