Persistent worries over a slowdown in China’s economy and international stock market jitters are troubling Australian consumers.
The ANZ-Roy Morgan consumer confidence index fell 0.8% in the week ending January 17, after falling 1.9% the previous week.
Levels are now just a tick above the long-run average, ANZ’s co-head of Australian economics Felicity Emmett said.
“The impact of financial market instability is a reminder that global shocks provide ever-present risks for a small open economy like Australia,” Emmett said.
Views on the economic outlook continued to drag on overall confidence and had been on a downward trend since mid-November.
The sub-index on the economic outlook in the next 12 months fell sharply, by 7.5%, last week, continuing its falls in the previous three surveys.
It reached its lowest level since Malcolm Turnbull took the reins as prime minister, suggesting the “Turnbull effect” may be wearing off.
This was partially offset by a solid bounce in consumers’ views about their financial position.
