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COVID-19: Australian Consumer Confidence Plunges To Record Low

In the ANZ-Roy Morgan survey conducted on the weekend consumer confidence hit 65.3, the lowest level since the survey commenced in 1973. Overall, it declined by 9.8% over the past week.

‘Time to buy a household item’ was the category that witnessed the most significant fall (-23.8%), followed by ‘current finances’ (-16.1%).

‘Current economic conditions’ fell by 9.5%, moderating the contraction of last week, when it declined by 37%.

There were some small gains, with ‘future financial conditions’ rising by 0.6%, while ‘inflation expectations’ was up slightly, reaching 4.1%.

“’Current economic conditions’ fell more than 9% and are down close to 50% over two weeks, to the lowest ever level. And most other aspects of the survey are exceptionally week,” David Plank, ANZ Head of Australian Economics, said. “The announcement of the largest fiscal package yet may stabilise confidence, but much will depend on how the pandemic evolves.”

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