Consumer confidence remains at historic lows despite the change in government.

The weekly ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 90.7 this week, down just 0.1 points from the weekend of the election.

Confidence is now 20.7 points lower year-on-year, sitting 5.6 points below the 2022 weekly average. Confidence is up slightly in NSW, unchanged in Victoria, and down in QLD, SA and WA.

Only 21 per cent of Australians say their families are ‘better off’ financially than this time last year, the lowest amount since July 2020.

Despite this, buying conditions seem to have improved, with 29 per cent of Australians saying now is a good time to buy a major household item.

Then again, we are swinging into mid-year sales season.

“Consumer confidence dropped slightly by 0.1% last week with no significant reaction to the previous weekend’s federal election,” ANZ Head of Australian Economics, David Plank said.

“This is the fifth election since the survey went weekly in 2008. Of the four elections prior to this one, there has been little immediate reaction in consumer confidence, with no large swings in either direction.

“Confidence going into the 2022 election was, however, well below previous pre-election levels. And it remains at a historically low level. Inflation expectations rose to 5.5 per cent, its highest level since early April, and it likely reflects the rise in petrol prices.”