ANZ Head of Australian Economics, David Plank, commented:
The increasingly negative news about the impact of the coronavirus pandemic in
Australia has had a dramatic impact on consumer sentiment, with confidence
showing its biggest ever fall since the survey moved to a weekly basis in 2008.
Consumer confidence has been lower than this level, but only just and only during
the 1990-91 recession. The plunge was broad-based, with all sub-components of
sentiment well below average and well below the levels seen during the GFC.
Only the levels seen during the 1990-91 recession are comparable. We should note
that the coronavirus has necessitated a change in the survey methodology, away
from face-to-face to phone and online interviews.
It is possible that this impacted the results, though the consistency of the responses suggests this is unlikely.