The index remains persistently below the normal range, marking 64 weeks under the 85-point threshold.
Consumer confidence decreased across New South Wales, Victoria, Queensland, and South Australia, while Western Australia reported a slight increase.
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Driving the drop in consumer confidence this week were growing worries about personal financial situations and the broader Australian economy.
“Looking at the next 12 months, confidence in the outlook for the economy and for households’ personal finances both recorded the largest weekly declines since October last year,” Dunk said.
Current financial conditions have worsened, with fewer Australians feeling better off financially compared to last year.
The outlook remains bleak for the short-term economic future, with only 9% of Australians expecting good times in the next 12 months. This sentiment extends into the medium term, where only 12% anticipate a positive economic scenario over the next five years, reflecting increasing economic concerns.
Despite overall low confidence, buying intentions for major household items remained stable, with 23% of Australians considering it a good time to buy. However, a significant 47% believe it is a bad time for such purchases, indicating a cautious approach to spending amid financial uncertainties.
Confidence levels also varied significantly among different housing situations.
“Confidence fell across the three housing cohorts,” Dunk said. “There was a particularly sharp fall in confidence amongst renters.”
Meanwhile, the latest Westpac Melbourne Institute consumer index also experienced a decline in April, down 2.4% from 84.4 in March, with Westpac senior economist Matthew Hassan noting that the “gloom hanging over the Australian consumer shows little sign of lifting.”
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