Consumer confidence crumbled during the weekend according to an ANZ survey that indicates public perceptions about the outlook for the Australian economy have hit a two-and-a-half year low.
The ANZ-Roy Morgan Australian Consumer Confidence index fell 1.1 per cent from the previous week, with respondents’ views of the economy over the next year slumping 4.0 per cent.
It was the fourth consecutive decline in the 12-month economic outlook, leaving the sub-index at levels last recorded in April 2017.
Sentiment about the state of the economy during the next five years also fell in the most recent results released on Tuesday, slipping 3.8 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 5.0 per cent improvement when people were asked how their current financial condition compares with their circumstances a year ago.
Optimism about the respondents’ finances and that of their families during the next 12 months edged up 0.4 per cent.