The ANZ-Roy Morgan Consumer Confidence Index has revealed a persistently weak outlook among Australian consumers, with the index remaining virtually unchanged at 74.7 this week.

This marks a record 42 consecutive weeks that consumer confidence has remained below the 85 mark, a level that is now 6.9pts below the same week a year ago (81.6) and significantly below the 2023 weekly average of 77.9.

The index, which measures consumer sentiment towards the economy and personal finances, showed mixed results across the states. Confidence was up in Victoria, South Australia and Western Australia, remained virtually unchanged in New South Wales, and saw a slight dip in Queensland.

The survey also revealed a pessimistic outlook for personal finances. Only 19% of Australians believe their families are financially 'better off' than this time last year, while a significant 55% feel they are 'worse off'. Looking to the future, 28% of Australians expect their family to be 'better off' financially this time next year, while 38% expect to be 'worse off'.

The economic outlook was equally bleak, with only 6% of Australians expecting 'good times' for the Australian economy over the next twelve months, and a significant 42% expecting 'bad times'. Over the next five years, 10% of Australians expect 'good times' for the economy, while 22% expect 'bad times'.

In terms of spending, 19% of Australians believe now is a 'good time to buy' major household items, while 52% believe it is a 'bad time to buy'.

ANZ Senior Economist, Adelaide Timbrell, commented on the findings, stating, "The ANZ-Roy Morgan Australian Consumer Confidence index increased slightly last week but remained persistently weak.

"It was among the ten worst results since the beginning of the COVID pandemic in March 2020. The recent decline in confidence has been sharp for those paying off their homes, while for renters and outright owners it has been shallower. There has been an increase in the subindices that capture the future financial and economic conditions, whereas in the past two weeks there has been a weakening in those that capture current conditions.'