(Australian Associated Press)
Consumer confidence has fallen amid a sharp deterioration in sentiment about the longer-term outlook for the Australian economy, an ANZ survey suggests.
The ANZ-Roy Morgan Australian Consumer Confidence index dropped 2.3 per cent from the previous week, with respondents’ perception of the economy, including the outlook for the next 12 months, falling 3.8 per cent and sentiment about conditions during the next five years slumping 7.9 per cent.
But 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 0.2 per cent rise in how people felt about their own financial condition compared with a year ago and a 0.6 per cent increase regarding their finances during the next 12 months.
ANZ economist David Plank said turmoil on share markets in Australia and overseas likely contributed to the rise in pessimism.
“Australian households appear to be troubled by negative global economic developments and the related equity market weakness, with sentiment toward current and future economic conditions down sharply,” he said.
“Views about current economic conditions have fallen materially for three weeks in a row while those for future economic conditions are at their weakest since October/November last year.”
The survey’s “time to buy a major household item” metric retreated for the third week in a row, falling 1.4 per cent.