Consumer confidence further declines following a record low

Consumer confidence fell 4.3 points last week to 58.8 points. The four-week moving average fell 4.6 points to 66.0 points.

‘Weekly inflation expectations’ increased 0.4 percentage points to 7.3 per cent, while the four-week moving average rose from 6.3 per cent to 6.8 per cent.

'Current financial conditions’ (over the last year) declined 5.2 points, while ‘future financial conditions’ (next 12 months) decreased 3.2 points.

‘Short-term economic confidence’ (next 12 months) was down 4.6 points, and ‘medium-term economic confidence’ (next five years) dropped 7.8 points.

The ‘time to buy a major household item’ subindex eased 0.5 points.

"After reaching its weakest level since records began in 1973 just a week ago, ANZ-Roy Morgan Consumer Confidence declined further to a new all-time low of 58.8 points," said ANZ Economist, Sophia Angala.

"All subindices deteriorated last week, with household confidence in their current and future finances at their lowest level since the subindices were first available in 1985.

"Weekly inflation expectations rose to a new record high of 7.3 per cent since the series began in 2010. We expect household spending to weaken in response to the impact of inflation and higher interest rates on disposable incomes."

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Please note the next ANZ-Roy Morgan Consumer Confidence report will be released on Wednesday 8 April due to the Easter public holidays.