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Roy Morgan survey reports sharp decline in consumer confidence

(Source: Bigstock)

ANZ-Roy Morgan’s Consumer Confidence survey has hit its lowest since October last year during Victoria’s second wave of Covid, with consumer confidence down by 8.1 pts to 97.9 – the weakest January result since 1992.

Confidence is below the neutral level of 100 in all Australian states, except in South Australia and the Territories due to smaller samples. 

Some 36 per cent of Australians expect their families to be ‘better off’ financially by this time next year while 19 per cent expect it to get worse. Buying intentions have declined with 33 per cent of Australians considering it a ‘good time to buy’ major household items while a colossal 39 per cent disagree.

ANZ head of Australian economics David Plank said, “consumer confidence dropped 7.6 per cent last week as Omicron case numbers surged… It is also lower than the level during the Delta surge.”

The surge in Omicron cases along with increasing pressures on testing capabilities are key drivers to this fall. The results underline a much deeper concern for the economy with regards to the ongoing impact of Covid and the communities. 

The ANZ-Roy Morgan Australian Consumer Confidence survey is based on 1516 interviews conducted over the phone and online during the week to Sunday.

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