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Australia’s headline ANZ-Roy Morgan consumer confidence fell for the fourth straight week, down 0.2 percent to 120.1. The details were mixed – three out of five sub-indices posted gains, but the headline was weighed down by falls in sentiment around current financial conditions and ‘time to buy a household item’.
Consumers’ views towards current financial conditions fell 2.7 percent last week following two consecutive 2.8 percent rises in the previous weeks. Meanwhile, sentiment around future conditions rose 1.5 percent on the back of a 0.2 percent bounce previously. Households’ assessment of current economic conditions bounced 2.7 percent last week, partially reversing the previous week’s 6.6 percent fall.
Similarly, views towards future economic conditions improved 1.6 percent, following a 2.5 percent decline the previous week. Both sub-indices sit above their long term average. The ‘time to buy a household item’ sub-index fell 3.6 percent last week, more than reversing the previous week’s 1.5 percent gain. Four week moving average inflation expectations edged down to 4.4 percent.
"Stepping back from the weekly volatility, aggregate financial conditions have tracked sideways in June, while aggregate economic conditions have edged up slightly despite renewed concerns about global trade. Overall, consumers remain quite optimistic despite high levels of debt and falling house prices," said Felicity Emmet, Senior Economist, ANZ Research.
