"The three-day lockdown of the Perth and Peel region following the emergence of new COVID-19 infections led to a fall of 1.4 per cent in consumer confidence," ANZ Head of Australian Economics, David Plank, said.
"Not surprisingly, sentiment in Perth fell the most (-8.2 per cent), but Brisbane (-4.9 per cent), Sydney (-3.6 per cent) and Melbourne (-4.4 per cent) were also impacted. Both the ‘current’ and ‘future economic conditions’ took a hit following a rise in the past two weeks."
"This fall is possibly due to the uncertainty surrounding the new strains of the virus. We know, however, from previous experience that a quick resolution of the lockdown will see sentiment (and spending) rebound very quickly."