ANZ comments on the result:
- plunged 6.0%
- its sharpest fall since the mid-January Omicron surge
- This is the lowest confidence for the start of a tightening cycle since inflation targeting began in the 90s and may mean slower tightening than the market is pricing.
Sentiment is back to a 20 month low.
Ugly pic:
ps. Also from the survey company, Roy Morgan, their latest poll (conducted April 1 to May 1) result for the Australian election (coming on May 21):
- the opposition party (ALP) 55.5% (up 1% on the week)
- incumbent coalition (Liberal-Country) 44.5%
With consumers in such a dour mood polls indicating a change of government are hardly surprising. Time for some fresh air it seems.