"Confidence gained for the ninth straight week and is now close to neutral, its highest level since the pandemic induced collapse in confidence in mid-March.," ANZ Head of Australian Economics, David Plank said.
"The details suggest some caution about the result, however. ‘Current financial conditions’ fell by more than 6 per cent – its biggest weekly decline since the extreme weakness seen in March."
"This may be a sign that the cutbacks in the JobKeeper and JobSeeker payments are starting to be felt. The sub-indices can be volatile from week-to-week, as evidenced by the jump in inflation expectations after the plunge the week before, so we need to be cautious about reading too much into the drop."
"And consumers are quite confident about their future financial outlook. Still, we will be looking at other data (such as ANZ observed card spending) for any confirmation that household financial conditions are tightening."