Consumer confidence is down again, after climbing for the first few weeks of 2023.

According to the weekly ANZ-Roy Morgan index, consumer confidence decreased by 1.8pts last week to 85.9.

Any rating under the ‘neutral’ level of 100 is deemed a negative sentiment.

These figures are expected to fall even further in the coming weeks, according to ANZ Senior Economist Adelaide Timbrell, as media coverage of the inflation data worsens, and the RBA holds its first meeting of 2023, which is expected to result in another cash rate hike.

“Consumer confidence regarding current and future finances fell a little, though future financial conditions are still in positive territory,” said Timbrell of the current sentiment levels.

“Sentiment about current economic conditions improved but consumers’ five-year view outlook on the economy softened.

“Household inflation expectations rose 0.3 points to 5.7 per cent but remained below the inflation expectations of late 2022.”