Australia: Consumer Confidence lower on global news – ANZ

Australia’s ANZ-Roy Morgan Consumer Confidence fell 2.3% last week, closing below the long-term average, notes the research team at ANZ.

Key Quotes

“The fall was driven by weakness in economic conditions, with current falling 3.8% and future losing a massive 7.9%. Both the economic sub-indices are below their respective long-term average.”

“In contrast, the measures relating to personal finances rose modestly. Current finances were up by 0.2% for the week, while future finances gained 0.6%.”

“The ‘Time to buy a major household item’ index fell 1.4% - its third consecutive decline. The four-week moving average for inflation expectations fell by 0.1ppt to 3.9%. Weekly readings of inflation expectations have shown signs of weakness over the last few weeks.”