Australia: Second consecutive fall in consumer confidence - ANZ

ANZ-Roy Morgan Consumer Confidence of Australian economy fell for a second week in a row, dropping by 2.0% last week, notes the research team at ANZ.

Key Quotes

“It remains above the long-term average, however. ’Time to buy a household item’ was the only ‘green shoot’, rising a solid 4.9%.”

“Current financial conditions fell by 2.7%, while sentiment toward future finances was down 2.2%. This weekly decline has resulted in the subindices closing below their long-term averages.”

“Current economic conditions dropped a significant 7.8% after rising for three consecutive weeks. It is still a touch above the long-run average. Future economic conditions fell by 2.8%, which resulted in the subindex falling below the long-term average.”

“The four-week moving average for inflation expectations fell by 0.2ppt to 3.8%, with the weekly reading down to a very low 3.6%.”