"The weakness in consumer confidence comes on the back of Victoria’s snap lockdown and associated border closures," ANZ Head of Australian Economics David Plank said.
"This was particularly evident in Melbourne, where confidence declined 5.4 per cent, while in the rest of Victoria it actually increased 7.6 per cent. Admittedly, the data for states/cities is inherently more volatile, given the small sample size."
"Sentiment in Sydney held up (up 2.8 per cent) even as it weakened in the rest of New South Wales (down 1.5 per cent). While the
Victorian lockdown will undoubtedly have a material impact on spending, ANZ observed data shows it will likely rebound quickly when the lockdown eases."