ANZ’s Head of Australian Economics, David Plank, commented:
“Confidence has been hovering around the same level for the last few weeks. A softening in the tension on US-China trade deals may have supported sentiment.
Domestically, the numbers from the capex print were encouraging though they weren’t strong enough to offset some of the other indicators suggesting a soft GDP print for Q4.
There is a lot out this week, with the RBA statement and Q4 GDP report the most notable. There is some prospect Q4 GDP could be negative, which might be a blow to consumer sentiment in the week ahead.
The continued resilience in consumer confidence suggests the recent slowing in GDP growth has not yet impacted the labour market to a material extent. We think whether it does or not will be the key to the outlook and the stance of the RBA."