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Australia’s ANZ-Roy Morgan consumer confidence index, which was unchanged in September at 118, close to the historical average. The current conditions index fell 4 points to 120, while the future conditions index lifted 2 points to 116.
Consumer confidence remains pretty steady – and pretty average. Perceptions of current conditions remain strong, but there is some caution about the future, particularly around the broader economy rather than respondents’ own financial situations.
One of the most useful questions in the survey is whether respondents think it’s a good time to buy a major household item. This question bucked the trend this month, dipping 6 points to be the lowest in three years – admittedly three unusually stable year. This is worth keeping an eye on.
"The growth indicators out of business surveys are impacted around times of political change, and we await further evidence to assess how large the growth hiccup may prove. But monetary conditions and fiscal policy are stimulatory, and barring a global shock, we suspect the economy will muddle through," ANZ Research reported.
