Australian Consumer Confidence Remains Deeply Depressed

By James Glynn

SYDNEY--Australian consumer confidence remained in the doldrums last week following news that unemployment reached its highest level since 2021.

Consumer confidence fell 0.3 points last week to 67.7 points, while the four-week moving average dropped 1.1 points to 68.3 points, according to a survey by the ANZ Bank and pollster Roy Morgan.

The economy shed close to 40,000 jobs in September, extending a recent rise in unemployment. Some economists said the weakness in the job market might forestall further interest rate increases.

Confidence is now registering some of its lowest readings on record, with concerns about current economic conditions growing sharply.

The time to buy a major household item was the only subindex to record a rise last week, potentially reflecting households bringing forward purchases amid elevated inflation expectations, said Sophia Angala, economist at ANZ.

"Persistently weak confidence suggests household spending growth is likely to remain subdued over the near term," she added.

Last week also featured minutes from the Reserve Bank of Australia's September policy meeting, which remained overtly hawkish.

Adding to the gloom, weekly inflation expectations ticked up 0.1 percentage points to 6.2%, well above the RBA's target of 2.5%.

The weekly consumer confidence rating is based on 1,027 interviews conducted online and over the telephone during the week to Sunday.

-Write to James Glynn at james.glynn@wsj.com

(END) Dow Jones Newswires

October 19, 2026 19:04 ET (23:04 GMT)