ANZ Chief Economist Richard Yetsenga says the last time consumer confidence was so low, Australia was “in recession”.This comes after the weekly ANZ-Roy Morgan Consumer Confidence Index plummeted 7.6 per cent to 80.4 points.“Last time was high unemployment, low job security, low incomes. This time the problem is the cost of living crisis,” Mr Yetsenga told Sky News Business Editor Ross Greenwood. “And you’re seeing this, kind of, combination of pretty decent consumer spending but really low consumer confidence in New Zealand, in the US – it’s a pretty prevalent issue because of what’s happening to inflation.”
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