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Australia’s ANZ-Roy Morgan Australian consumer confidence fell 3.3 percent last week following three consecutive strong reports. The fall was broad-based, with views towards current finances leading the pullback.
The current finances sub-index fell a sharp 9.1 percent to 104.7, partially unwinding gains over the previous three weeks. In comparison, views towards future finances fell a more modest 2.2 percent, following a 0.2 percent decline in the week prior. Despite the weekly falls, both sub-indices sit above their long-term average.
Households’ pessimism also extended towards the economic outlook. Views on current and future economic conditions dipped 3.6 percent and 1.3 percent respectively, though both sub-indices remain elevated compared to recent lows.
Sentiment around the ‘time to buy a household item’ slipped 1 percent last week following a 7.9 percent rise over the preceding two weeks. Four-week moving average inflation expectations edged up by 0.1 percent to 4.6 percent.
"Looking past the weekly volatility, we expect sentiment to remain supported by a strong labor market and a solid outlook for economic activity in 2018," said David Plank, Head of Australian Economics, ANZ Research.
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