Invest
Consumer confidence rattled by Omicron
The first consumer confidence figures of 2022 suggest that Omicron is already suppressing the spending appetites of Australians.
Consumer confidence rattled by Omicron
The first consumer confidence figures of 2022 suggest that Omicron is already suppressing the spending appetites of Australians.

A surge in COVID-19 cases amid the spread of the Omicron variant has seen Australian consumer confidence decline.
According to the latest ANZ-Roy Morgan Consumer Confidence tracker, consumer confidence fell 2.4 points over the first week of 2022.
This fall puts it 2.9 points below levels seen during the same period of 2021.
ANZ head of Australian economics David Plank said that consumers began 2022 on a downbeat note, citing a 2.2 per cent decline relative to pre-Christmas levels.

“The rapid rise of Omicron cases across Australia is likely responsible for the dampened outlook in the first week of January,” he said.
ANZ’s data suggested that consumer confidence fell in all Australian capital cities, with Adelaide emerging as the worst-affected.
Mr Plank added that consumer confidence typically rises 2.6 per cent on average during this period of the year, “so this result is even weaker than it seems”.
“Consistent with the drop in confidence, ANZ-observed spending is at its lowest level since the Delta lockdowns,” he said.
According to ANZ’s latest Australian Economic Insight report, consumer spending during the first week of 2022 was at its lowest level since the Delta outbreak.
ANZ Senior economist Adelaide Timbrell said that consumer spending across Sydney and Melbourne was now comparable to the levels seen during recent lockdowns, with the former said to be at its lowest point since the onset of the pandemic.
“Caution about being in public places is being compounded by staff shortages to stifle spending across dining, retail and travel,” she said.
Mr Plank said that one silver lining here is that consumers are still relatively happy about their own financial circumstances.
“This potentially sets things up for a rapid rebound once people are more confident about health outcomes,” he said.
About the author

About the author


Economy
Australia's June quarter GDP growth driven by consumer and government spending
Australia's economy has shown unexpected resilience in the June 2025 quarter, with household and government consumption driving growth despite a significant decline in public investmentRead more

Economy
Australia's GDP surprise is real but operators should heed the growth mix warning light
Australia’s June-quarter growth beat expectations on the strength of household consumption and government spending, even as public investment sagged. The upside surprise signals resilience, but the ...Read more

Economy
Households carried the quarter: what Australia’s upside GDP surprise means for strategy now
Australia’s economy expanded faster than expected in the June 2025 quarter, with GDP up 0.6 per cent quarter-on-quarter and 1.8 per cent year-on-year — the strongest pace in two years. The kicker ...Read more

Economy
Inflation dynamics in Australia: Electricity subsidies and labour market in focus
In a recent economic analysis, experts from State Street have highlighted significant developments in Australia's inflation landscape, attributing the changes primarily to the withdrawal of ...Read more

Economy
Australia's economic growth driven by consumer and government spending: A closer look at the June quarter
Australia's economy has delivered a surprising performance for the June 2025 quarter, surpassing expectations with a growth rate of 0.6% quarter-on-quarter and 1.8% year-on-year. This unexpected ...Read more

Economy
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul ...Read more

Economy
Australia’s growth beat is real — but it’s the wrong kind for capacity
Australia’s economy outpaced forecasts in the June quarter as households opened wallets and government spending did the heavy lifting, even as public investment sagged. The signal for boardrooms: ...Read more

Economy
Australia’s growth is back—but it’s the wrong kind of strong
GDP surprised on the upside in the June quarter, powered by households and government outlays even as public investment slumped. The Reserve Bank stayed hawkish, signalling that sticky services ...Read more

Economy
Australia's June quarter GDP growth driven by consumer and government spending
Australia's economy has shown unexpected resilience in the June 2025 quarter, with household and government consumption driving growth despite a significant decline in public investmentRead more

Economy
Australia's GDP surprise is real but operators should heed the growth mix warning light
Australia’s June-quarter growth beat expectations on the strength of household consumption and government spending, even as public investment sagged. The upside surprise signals resilience, but the ...Read more

Economy
Households carried the quarter: what Australia’s upside GDP surprise means for strategy now
Australia’s economy expanded faster than expected in the June 2025 quarter, with GDP up 0.6 per cent quarter-on-quarter and 1.8 per cent year-on-year — the strongest pace in two years. The kicker ...Read more

Economy
Inflation dynamics in Australia: Electricity subsidies and labour market in focus
In a recent economic analysis, experts from State Street have highlighted significant developments in Australia's inflation landscape, attributing the changes primarily to the withdrawal of ...Read more

Economy
Australia's economic growth driven by consumer and government spending: A closer look at the June quarter
Australia's economy has delivered a surprising performance for the June 2025 quarter, surpassing expectations with a growth rate of 0.6% quarter-on-quarter and 1.8% year-on-year. This unexpected ...Read more

Economy
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul ...Read more

Economy
Australia’s growth beat is real — but it’s the wrong kind for capacity
Australia’s economy outpaced forecasts in the June quarter as households opened wallets and government spending did the heavy lifting, even as public investment sagged. The signal for boardrooms: ...Read more

Economy
Australia’s growth is back—but it’s the wrong kind of strong
GDP surprised on the upside in the June quarter, powered by households and government outlays even as public investment slumped. The Reserve Bank stayed hawkish, signalling that sticky services ...Read more