More broadly, Australian consumer sentiment is down.
On Tuesday, the National Retail Federation’s monthly consumer sentiment survey showed just 4 per cent of respondents were optimistic about the economy, while 41 per cent were pessimistic.
“It’s not only the economic outlook that’s deteriorating but also sentiment,” said the NFF’s chief economist Andrew Friesen.
“We have a lot of people who are not optimistic about their own future.
It’s a real problem.”
The NFF said it expects this will continue to affect sales and consumers’ ability to make purchases.
“It will hurt the economy more than it helps,” Friese said.
“In the short-term, it will hurt consumer confidence.
But, in the long-term … it’s going to make the economy less competitive.”