ANZ’s Head of Australian Economics, David Plank, commented:
“Confidence took a significant hit last week, falling well below average. We think the soft GDP report and, perhaps more importantly, the focus on a 'per-capita recession' were the primary factors in the plunge."
"The last such big decline in confidence was the weekend of the Wentworth by-election, something we thought was unlikely to have
a lasting impact on sentiment. This decline could be longer-lasting as it appears to be more related to underlying economic conditions."
"If it proves to be a sustained decline then it is yet more bad news about a household sector that is already under pressure. No doubt the Reserve Banbk of Australia will take note.”