Australia-Consumer confidence low.

Australian consumer confidence deteriorates in March

The latest Roy Morgan Consumer Confidence rating for the first week of March decreased to 95.2 points, down 0.6 points from the previous week and 14.3 points below the same period last year (109.5 points).

The largest contributor to the fall for the week was an increased proportion (59%, up 5 percentage points) of Australians worried about economic conditions in Australia over the next 12 months.

The survey on consumer confidence was conducted prior to the most recent meeting of the Australian Reverse Bank and the Australia Bureau of Statistics announcement that Australian economic growth turned negative during the final quarter of 2008. Next week’s Roy Morgan Consumer Confidence rating is expected to be further influenced by concerns about the economy, especially as a recession looks increasingly likely.