Australia’s ANZ-Roy Morgan consumer confidence falls despite generally positive local economic data

Australia’s ANZ-Roy Morgan weekly consumer confidence fell by 1.7 percent last week despite generally positive local economic data. Financial conditions sub-indices were negative, with current financial conditions and future financial conditions falling by 7.4 percent and 1.8 percent respectively.

The fall in the current financial conditions index unwinds the upturn since it plunged in the weekend of the Wentworth by-election. Economic conditions readings were mixed, with current economic conditions falling by 1.6 percent while future economic conditions rose by 1.3 percent.

Meanwhile, the 'time to buy a household item' sub-index was up marginally by 0.9 percent. Four-week moving average inflation fell again by 0.1 ppt to 4.3 percent.

"The consolidation leaves confidence well above its long-run average and a little above its level of a year ago. This is despite the fact house prices have been falling for more than a year on average for the country as a whole, albeit with considerable regional variation. With little domestic data this week, global news and petrol prices will dominate," said David Plank, ANZ’s Head of Australian Economics.