"Consumer confidence has displayed a sawtooth pattern in recent weeks, with offsetting moves in many of the components leading to a lack of overall direction," ANZ Head of Australian Economics David Plank said.
"Last week’s upbeat assessment of the outlook by the RBA may have buoyed ‘future economic conditions’, which rose to their highest level since mid-November."
"‘Future financial conditions’ also rose sharply, jumping to their highest level since early November. Sentiment around current conditions, though, was lower, as were views on whether it was ‘time to buy a major household item’."
"Heavy rain and floods in parts of the east coast and the coronavirus epidemic may have contributed to the weakness in these aspects of the survey. Overall, consumers are cautious, and it is difficult to see this lessening any time soon."