ANZ-Roy Morgan: Consumer Confidence Nose-Dives By 4.4% After Appallingly Weak GDP Data

According to ANZ-Roy Morgan Consumer Confidence fell a sharp 4.4% to 113.4 this week.

Consumer Confidence is now at its lowest level since May. ANZ Senior Economist Jo Masters commented “It is not surprising to see a sharp fall in consumer confidence after the shockingly weak Q3 GDP result, which clearly hit confidence in the near term economic outlook. Encouragingly, confidence about the medium-term economic outlook fell a much more modest 1.7%, while confidence around personal finances remains well above long run averages.”

The ANZ -Roy Morgan report shows Households’ views towards their finances compared to a year was down 0.7%, while households’ views towards their future finances slipped 2.1%.

Households’ views of economic conditions over the next 12 months plummeted 11.7%, bringing the index to its lowest level since February. Household views of the economic outlook in the next five years fell a more modest 1.7%.