Fires send confidence to four-year low

Steven Deare
(Australian Associated Press)

 

Consumer confidence has fallen amid a plume of bushfire smoke to its lowest level in more than four years, while hopes for an improved economic position are the bleakest since 1994.

The ANZ-Roy Morgan Australian Consumer Confidence index dropped 1.7 per cent last week, which economists said almost certainly reflected the impact of the catastrophic bushfires.

The weekly measure of consumer mood, which is based on about 1,000 face-to-face interviews conducted in people’s homes on Saturdays and Sundays, showed the perception of current economic conditions was down by a massive 12.9 per cent – the lowest level since the global financial crisis.

Meanwhile, sentiment around Australia’s future economic conditions fell by 8.1 per cent to the lowest level since 1994, although survey responders were more positive about their current and future personal finances.

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