Consumer confidence in Australia fell for the second straight week, following uncertain economic outlook, for the week ended Sep 4.
The ANZ-Roy Morgan Australian Consumer Confidence declined 3.5 percent, more than offsetting the jump in confidence three weeks ago, which took the index to a 33 month high. Households’ views of the 12 month economic outlook fell a sharp 7.6 percent, while views of the five year economic outlook dipped 2.7 percent.
Consumers also remained pessimistic about their finances. Consumers’ views of their current finances fell 2.7 percent, while views of future finances ticked down 1.2 percent. Despite the drop in overall confidence, consumers’ views towards their own finances remain well above their long run average and in an upward trend.
Further, views about personal finances are most likely to impact household spending decisions, and at current levels suggest household consumption should continue to grow at a relatively solid pace. Household views on whether 'now is a good time to buy a household item' fell 3.9 percent.
"This week’s GDP report and RBA meeting will likely shape the news flow in the coming days and have the potential to influence consumers’ confidence over the coming week," said Jo Masters, Senior Economist, ANZ.
