Consumer confidence: consolidation continues
Headline ANZ-Roy Morgan Australian Consumer Confidence fell for the third straight week, down 0.8% to 120.4. The details were mixed – consumers’ optimism around financial conditions was outweighed by their concerns on economic conditions.
ANZ’S HEAD OF AUSTRALIAN ECONOMICS, DAVID PLANK, COMMENTED
“Confidence has moderated slightly over the last three weeks, following a sharp bounce after the Q1 GDP report. It still sits well above average, however.
Last week’s decline was primarily driven by a fall in economic conditions. Views towards economic conditions have been quite volatile on a weekly basis, often following geopolitical headlines. Broadly however, economic conditions are quite robust, sitting above their long term average and supported by strong labour market conditions.
Despite the recent moderation, confidence remains elevated with all subindices sitting above their long term averages. It is certainly encouraging to see consumers remaining upbeat in an environment of falling house prices and sluggish wage growth.”