Roy Morgan Consumer Confidence Drop

1. ANZ-Roy Morgan Consumer Confidence has dropped to its lowest level since mid-July 2023 after the RBA raised interest rates to the highest level in 12 years.

2. Consumer Confidence has spent a record 41 straight weeks below the mark of 85 and is now 6.5 points lower than the same week a year ago.

3. Consumer Confidence was down in Sydney NSW, Victoria, Queensland, and South Australia, but slightly up in Western Australia, reversing the previous week’s trend.

4. The decrease in Consumer Confidence is driven by a deterioration in people’s buying intentions after the interest rate rise and growing concerns about the long-term health of the Australian economy.

5. Only 7% of Australians expect “good times” for the Australian economy over the next twelve months, while 40% expect “bad times.” Net sentiment for the long-term economic outlook is at its lowest level since April 2020.

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