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Alongside the release of the weekly ANZ-Roy Morgan Consumer Confidence index ANZ noted that "confidence declined last week, after two successive gains. The weakness was predominantly due to declines outside of Victoria and New South Wales. Confidence is now below the neutral level of 100 in all the major cities. Encouragingly, confidence actually rose in Victoria. The continued drop in new COVID-19 cases in Melbourne may be giving hope that the severity of the lockdown can be eased as planned. There is still work to be done, however. In the meantime, confidence may be challenged by the expected confirmation this week that Australia's economy contracted at a record rate in the second quarter."