Victoria Shutdown Sinks Consumer Confidence Further

Quiet Central Business District on August 06, 2020 in Melbourne, Australia. Retail stores across Melbourne are closed to customers as part of further stage 4 lockdown restrictions. Asanka Ratnayake/Getty Images

Consumer confidence has sunk for a seventh straight week as Melbourne’s harsh COVID-19 lockdowns sour the mood of the nation.

The ANZ-Roy Morgan weekly consumer confidence index—a pointer to future retail spending—dropped 2.4 percent to its lowest level since late April.