Mar 19, 2019
Confidence stabilises below average
• ANZ-Roy Morgan Australian Consumer Confidence was broadly unchanged last week, edging down just 0.1%.
• The financial conditions sub-components were both negative. Current financial conditions fell 1.4%, following the 6% rise in the previous week, while future financial conditions were down by 3.3%.
• Economic conditions were mixed, with current economic conditions down 0.1% and future economic conditions rising 3.6%.
• The ‘time to buy a household item’ rose by 1%, the first rise after three consecutive falls. Four-week moving average inflation expectations were stable at 4%.
ANZ Senior Economist, Felicity Emmett, commented:
“Confidence was broadly unchanged over the past week, remaining well below average. The strong February labour market report, showing further modest jobs growth and a tick down in the unemployment rate, failed to lift sentiment. With persistent weakness in the housing market, and little good news from offshore, either on the economic or geopolitical front, households seem fairly downbeat. Whether this is a new normal or a temporary lull remains to be seen.”