Anthony McDonald

Yes.

So that's when the survey was taken.

So, I mean, keep that in the back of your mind.

At the time, business said the trading conditions were actually –

Good.

Employment conditions were actually good, as good as they were in January and February.

Nothing had changed there.

But it was just that confidence piece, the outlook piece had absolutely fallen off a cliff.

Now, the Consumer Sentiment Survey, that was done a week or two later in the week after Easter.

Okay.

Which was the week where markets at least were like, all right, the rebound's on.

This war's going to wrap up pretty quickly.

Peace talks, all that sort of stuff.

Yet despite that, consumers were really, really, really worried.

I'm not sure if everyone just had too many Easter eggs over Easter or what, James, but their spending intentions were really, really weak in terms of like, is it a good time to go out and buy something big for the household?

They said no.

Now, at the same time, we've got some hard data as well, which was the unemployment data that came later in the week.

And then the unemployment rate was steady at 4.3%, right?

So while this sentiment and confidence has dropped off the cliff, the jobs market's actually quite strong, as the RBA has been telling us for a while now.

18,000 new jobs were created in March.