Weekly consumer confidence has dropped another 1.3 per cent, falling to lows not seen since early August.

This drop marks the fourth consecutive weekly fall, with a total four-week decline of 7.6 per cent.

The increased worry for consumers comes ahead of tonight’s federal budget, which marks Jim Chalmers’ first, and the first Labour budget for a decade.

ANZ’s head of Australian economics, David Plank, said inflation was a bigger issue for Australians. “Cost of living pressures are most likely a key reason for the renewed weakness,” he said.

Inflation expectations were up 0.1 percentage points to 6.1 per cent, its highest since late March, when petrol prices first soared.

Buying intentions are low, with 23 per cent of Aussies saying now is a “good time to buy” major household items, while 50 per cent feel now is a bad time to buy.