Consumer confidence slides

Consumer confidence fell over the weekend, an ANZ survey suggests, as people appeared more spooked about the state of the economy as well as the prospects for their own family’s finances.

The ANZ-Roy Morgan Australian Consumer Confidence index dropped 1.5 per cent from the previous week, with respondents’ perception of the economy – including the outlook for the next 12 months – dipping 1.0 per cent.

Sentiment slid 2.6 per cent in response to a question about the prospects for the Australian economy over the next five years.

The weekly measure of consumer mood, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, also recorded a 2.7 per cent decline in how people felt about their financial condition compared to a year ago.

The survey index noted a 1.5 per cent fall in people’s expectations regarding the finances of themselves and their families over the next 12 months.

There was no change in the “time to buy a major household item” metric compared to the previous reading.

It was the second consecutive fall in consumer confidence after sentiment dropped 1.1 per cent over the prior weekend.

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