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• ANZ-Roy Morgan Australian Consumer Confidence was down last week, falling 1.3%, despite the tax cuts set out in the Budget. Consumer confidence is just above its long-run average.
• Current finances were down 1.7%, while future finances gained by the same amount, thus having a neutral effect on the combined index.
• Current economic conditions rose by 0.7%, building on the big jump of 8.1% in the previous reading. Future economic conditions were up by a modest 0.8%, though this was the fourth straight weekly gain.
• The ‘time to buy a household item’ fell by 7.4%. Four-week moving average inflation expectations were stable at 4.0%. The weekly reading rose to 4.3%, more than reversing the prior week’s large decline.
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ANZ Senior Economist, David Plank, commented:
“The fall in confidence last week would be seen as disappointing in Canberra given the near-term boost to household incomes delivered in the Budget. Given the usual volatility in the weekly data, we don’t believe the decline indicates a negative response to the Budget. Rather, it suggests the announcements failed to provide a boost. On a definitely positive note, the sharp decline in the weekly inflation expectations reading in last week’s numbers more than reversed this week. This will be some comfort to the RBA.”
For media enquiries contact
Phoebe O’Sullivan
+852-9535-7919
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Confidence falls following the Budget
2019-04-09
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