"Sentiment took a further hit over the past week, falling to the lowest ever level in the almost 50-year history of the survey," ANZ Head of Australian Economics David Plank said.
"There were some glimmers of hope. ‘Future finances’ were up marginally and inflation expectations rose. In fact, there was a sharp uptick in the weekly reading of inflation expectations, which rose to 4.3 per cent. But we aren’t getting carried away."
"‘Current economic conditions’ fell more than 9 per cent and are down close to 50 per cent over two weeks, to the lowest ever level. Most other aspects of the survey are exceptionally weak."
"The announcement of the largest fiscal package yet may stabilise confidence but much will depend on the how the pandemic evolves."