Consumer confidence declined 1.9% to 111.6 in the week ending 19 October, according to the ANZ-Roy Morgan Consumer Confidence survey.
Confidence continues to show a surprising lack of volatility and has been broadly steady around its long-run average for 10 consecutive weeks.
The deterioration last week was broad-based.
Perceptions of households’ “financial situation compared to a year ago” saw the largest decline at -4.6%.
Expectations of economic conditions continue to languish below average levels. Households’ perception of the economic outlook over the next year and next five years both fell 1% last week.
Warren Hogan, ANZ chief economist, says consumer confidence remains broadly stable with house price gains likely providing some offset to concerns related to recent share market losses and volatility on global financial markets.
“Levels of confidence suggest that household spending is likely to grow moderately over 2014 and 2015,” he says.