Consumer confidence fell 1.1 points over the week, completing six consecutive months below 80 points, something never before seen in the data.
SYDNEY — Australian consumer confidence is in the worst sustained slump on record, according to a weekly survey by the ANZ Bank and pollster Roy Morgan.
The downcast mood of consumers is somewhat surprising given that unemployment remains near its lowest levels in half a century while job vacancies remain well above levels seen prior to the Covid-19 pandemic. There was a sharp fall in confidence amongst renters over the week, the data showed. And while consumer confidence remains lowest for those households with a mortgage, confidence amongst this group has lifted to its highest level in five months, according to the data.
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