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(Australian Associated Press)
Consumer confidence fell during the weekend according to an ANZ survey that also recorded a 3.9 per cent slide in people who believed it was a “good time to buy a major household item”.
The ANZ-Roy Morgan Australian Consumer Confidence index fell 2.1 per cent from the previous week, with respondents’ positive views of the economy over the next 12 months falling 1.6 per cent and sentiment about conditions during the next five years edging up 0.3 per cent.
The weekly measure of consumer mood, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, also registered a 3.2 per cent decline among those who said they feel better off now compared with a year ago.
People’s sense of optimism about the finances of themselves and their family during the next 12 months eased 1.6 per cent.
The poll’s volatile “time to buy a major household item” metric was down to its lowest point since September 21-22, the weekend in which the sub-index cratered to a 10-year trough.
ANZ economist David Plank described the latest results as disappointing given “strengthening global macroeconomic conditions and some reasonable domestic news” during the week.
“These data points were clearly not enough to offset a fall in the volume of retail sales for the September quarter – the first drop in annual retail volumes since the early 1990s recession – and soft ANZ job ads,” he said.