“A steep fall in the ‘time to buy a major household item’ led to a decline in the overall confidence index to just above its long-run average," ANZ Head of Australian Economics, David Plank said. "This sub-index fell to its lowest level since April and is well below average."
"It seems tax cuts, lower interest rates and the associated turn in the housing market are not yet motivating people to consider a major household purchase."
"Interestingly, sentiment toward the economic outlook improved despite the weak second-quarter gross domestic product report."
"In saying this, we need to be mindful that sentiment toward the current economic outlook had declined for five consecutive weeks to its lowest level in more than two years. So the bounce in this sub-index is only modest.”