Consumer Confidence Plummets During Lockdown Chaos
ANZ and Roy Morgan’s weekly poll showed consumer confidence has plummeted 3.9 per cent, following the recent lockdowns.
The overall measure fell to 107.8 points, which is lower than the monthly average of 112 – a collation of data from the past thirty-one years.
Sydney saw the biggest decline, with a 8.9 per cent drop, while Brisbane saw a fall of 7.7 per cent, Adelaide 6.5 per cent, and Melbourne a slight 2.7 per cent.
“The drop in sentiment wasn’t confined to those areas directly impacted by restrictions,” noted David Plank, head of Australian economics for ANZ.
“For instance, while it fell by 8.9 per cent in Sydney it also declined by 1.6 per cent in the rest of NSW.
“The fall came as lockdowns and restrictions broadened across a number of states to control the spread of the more infectious delta variant of the pandemic,” he concluded.