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Brisbane lockdowns deal a blow to consumer confidence

Business

The recent Brisbane lockdown combined with the end of JobKeeper to deal a blow to Australia’s consumer confidence.

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The ANZ-Roy Morgan consumer confidence survey discovered a fall of 11 pts in Queensland and 4.6 points nationally, the biggest fall since March last year.

It follows findings from the Chamber of Commerce and Industry Queensland that 90 per cent of businesses in Greater Brisbane expected a revenue impact from the three-day lockdown.

Ai Group also predicted long-term impacts to business from the lockdown.

ANZ senior economist Catherine Birch said the fall could be attributed to new COVID-19 cases, the snap Brisbane lockdown and the end of JobKeeper.

“Not even the Easter long weekend could cheer us up,’’ Birch said.

“In fact, in four of the five years pre-COVID, confidence declined over Easter.

“Queensland recorded the sharpest drop of 11.2pts, even though the three-day Brisbane lockdown ended on Thursday, but all other states bar South Australia also recorded declines.

“History shows that confidence tends to bounce back quickly once lockdowns lift though, so we should see confidence improve over coming weeks.

“It’s possible, however, that the end of JobKeeper on March 28 will have a more prolonged effect on confidence.

The survey of almost 1500 people found that people considered the current financial conditions’ declined .

The “time to buy a major household item’ index  fell 7.9pts, the largest fall since August 2020.

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