Australian Consumer Confidence Plummets to Lowest Point Since April 2020, Reports Indicate

A new report released on Tuesday confirmed that the Australian consumer confidence index decreased by 1.8 points to 75.9 over the week ending on Sunday, which is at its lowest level since April 2020.

The report by Australia and New Zealand Banking Group (ANZ) and Roy Morgan noted that the index has now spent 11 straight weeks below the mark of 80, the longest stretch below 80 since the index began being conducted on a weekly basis in October 2008, reports Xinhua news agency.

According to the report, Australia’s consumer confidence index is now 13.4 points below the same week a year ago, which was 89.3 between May 9 to May 15 last year, and 4.4 points below the 2023 weekly average of 80.3.

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