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Consumer confidence drop reveals Aussies holding off on big purchases

Confidence in the economy continues to fall after a recent survey shows Australians are putting off the purchase of big-ticket items.

ANZ-Roy Morgan Consumer Confidence survey found a substantial decline in the ‘time taken to buy a major household item’.

The survey found confidence fell 1% overall, with people reporting a 7.1% decline in buying appliances or household items.

ANZ head of Australian economics David Plank tells John Stanley they were hoping for better results.

“We were thinking that given the turn in the housing market we might start to see a lift in that, but that wasn’t to be the case. It fell pretty sharply.”

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