Australian consumer confidence across the month of May was the weakest since December 1990, during the depths of the recession.
Average confidence for May 2023 fell to 76.8 points, according to the ANZ-Roy Morgan index, after confidence dropped 1.1 points to 76.2 for the final week of May.
This marked the 13th consecutive week the consumer confidence index has spent below 80.
A rating of 100 is considered neutral.
Despite tipping the entire month into a 33-year low, the weekly result was only the fifth worst since January 2020.
“Those paying off their homes still have far lower average confidence than renters and outright owners, despite housing prices lifting since mid-February,” says ANZ senior economist, Adelaide Timbrell.
