Consumer confidence declined 7.6 per cent last week, dropping to its lowest level since October 2020, as Omicron surged across Australia and testing facilities came under immense strain.
All the confidence subindices registered losses. ‘Current financial conditions’ dropped 11.3 per cent and ‘future financial conditions’ fell 4.3 per cent, with 19 per cent of the respondents expecting to be ‘worse off’ financially this time next year – the highest since September 2020.
‘Current economic conditions’ decreased by 7.6 per cent and ‘future economic conditions’ softened 3.9 per cent.
‘Time to buy a major household item’ declined 11.4 per cent, falling to its lowest since August 2020. ‘Weekly inflation expectations’ and its four-week moving average was unchanged at 4.9 per cent.