Consumer confidence has fallen for the second week in a row according to an ANZ survey that also recorded a slump in the number of people who thought it was a good time to buy a major household item.
The ANZ-Roy Morgan Australian Consumer Confidence index fell 1.2 per cent from the previous week, with respondents’ perception of the economy – including the outlook for the next 12 months – down 1.0 per cent and sentiment about conditions during the next five years down 1.7 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 registered a 0.2 per cent rise in how people felt about their own current financial condition compared with a year ago and a 0.7 per cent increase regarding their finances during the next 12 months.
Consumer confidence had slipped 2.1 per cent in the previous reading, which followed the Reserve Bank of Australia’s cash rate cut – its third this year – to an unprecedented low of 0.75 per cent.
“Household perceptions of the economic outlook fell for a second consecutive week and are well below average,” ANZ economist David Plank said on Tuesday.
The “time to buy a major household item” metric fell 3.9 per cent in the latest results, declining sharply after rising for two consecutive weeks.
The number of consumers who said it was a good time to buy a major household item hit a 10-year low on the weekend of September 21-22.