ANZ Roy Morgan Consumer Confidence was down 2.1pts to 77.7 this week and has now spent 10 straight weeks below the mark of 80.
The last time Consumer Confidence spent at least 10 weeks under 80 was during the 1990-91 recession.
Consumer Confidence is now 12.8pts below the same week a year ago (02-08 May 2022, 90.5) and 2.9pts below the 2023 weekly average of 80.6.
As usual, Consumer Confidence was mixed around the States with decreases in Vic, WA and SA, but up slightly in NSW and Qld.
The driver of this week's decrease was growing concern about the Australian economy's performance, and less confidence that now is a 'good time to buy' major household items following the RBA's latest interest rate increase, up 0.25% to 3.85%.
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