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Consumer Confidence Remains Steady as Lockdowns Continue
Even as Sydney faces its third week of lockdown, consumer confidence remains steady at 110.0.
As the Federal Government offers increased support to this in lockdown, Australian consumer confidence has increased 2.2 pts to 110.0. Despite being 18.4 points above the same period as last year, Roy Morgan’s consumer confidence is now below the 2021 weekly average of 111.2.
“Consumer confidence rose 2.0 percent despite the announcement of a third week of lockdown in Sydney as daily COVID-19 cases jumped,” said David Plank, the ANZ Head of Australian Economics. “The easing of criteria for the federal government’s $500 assistance payment may have helped, with Sydney itself recording a 3.7 percent rise in confidence after the plunge the prior week. The emergence of Brisbane, Perth and Darwin from their lockdowns also added to the rebound.”
“A comparison between Sydney and Melbourne shows that even though there is a sharp decline in confidence in the particular city whenever a lockdown is imposed, sentiment tends to be similar in both cities, and there was no great divergence even during Melbourne’s prolonged lockdown in 2020,” he said.
The majority of Australians (43 percent) say that now is a ‘good time’ to buy a major household item – up 2ppts. In contrast, only 24 percent say that now is a bad time to buy a major household item, a figure that remains unchanged.