May 15, 2018
Consumer confidence: up for six straight weeks
ANZ-Roy Morgan Australian Consumer Confidence rose for the sixth straight week – up 0.7% to 121.6, the highest in 15 weeks. The details were somewhat mixed: while views towards financial conditions improved, households were less optimistic about economic conditions.
ANZ’S HEAD OF AUSTRALIAN ECONOMICS, DAVID PLANK, COMMENTED
“Confidence continued to trend up last week, its sixth consecutive weekly rise. That rise comes despite elevated petrol prices, some pessimistic commentary on sluggish wage growth and recent developments in the housing market. Last week’s employment report was mixed – with jobs rising solidly in April, but the unemployment rate ticking up.
Even so, households remained upbeat on their financial conditions last week. Though views toward economic conditions eased slightly, this is perhaps unsurprising given the strength of their recovery in recent weeks.
The next major domestic data point we are building toward is Q1 GDP on 6 June. Construction work done for the quarter is an important building block in this release and the only local news of note this week.”