"Consumer confidence began the year on a downbeat note, with a decline of 2.2 per cent compared to the pre-Christmas level," ANZ Head of Australian Economics, David Plank said. "The rapid rise of omicron cases across Australia is likely responsible for the dampened outlook in the first week of January."
"Confidence fell in all the major capitals, with Adelaide faring the worst."
"Over the decade from 2011 to 2020, consumer confidence has risen 2.6 per cent on average in the first survey of January compared to the last prior to Christmas. So this result is even weaker than it seems."
"Consistent with the drop in confidence, ANZ-observed spending is at its lowest level since the delta lockdowns."
"The good news is people are still relatively happy about their own financial circumstances. This potentially sets things up for a rapid rebound once people are more confident about health outcomes."