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Consumer confidence in Australia fell sharply during the week ended October 23, largely driven by deterioration in consumers’ outlook of the future financial and economic conditions of the country.
The ANZ-Roy Morgan Australian consumer confidence plunged 3.6 percent, helped by views towards finances over the next 12 months which dropped 7.1 percent, bringing the index down to its lowest level since September last year.
Consumers’ views toward the economy, both current and future, also fell. Households’ view of current economic conditions index fell 2.7 percent, while views towards economic conditions over the next 5 years fell a steeper 4.9 percent. However, consumers’ views towards their current finances remained relatively stable, edging down just 0.2 percent.
In addition, household views on whether 'now is a good time to buy a household item' fell 2.4 percent, unwinding last week’s 2.0 percent gain. Inflation expectations remained stable at 4.2 percent.
"We expect that last week’s labor market report showing ongoing weakness in full-time employment likely weighed on sentiment, while stock market falls over the past couple of weeks could also have dampened consumers’ view of the outlook," said Felicity Emmett, Head, Australian Economics, ANZ.
Meanwhile, heading into the Q3 inflation report this week, inflation expectations have been trending a bit higher. But the data is expected to show still weak inflationary pressures, and inflation outcomes are likely to remain an important driver of inflation expectations, ANZ reported.
