Australia: Consumer Confidence reverses – ANZ

ANZ analysts note that after gaining 4.2% in the previous reading, Australia’s ANZ-Roy Morgan consumer confidence fell 2.1% last week.

Key Quotes

“All the subindices fell except the ‘time to buy a major household item’.”

“Financial conditions subindices were down significantly and have been volatile for the last few weeks. Current finances were down 4.7% while future finances lost 5.0%.”

“Current economic conditions fell 1.7%, while future economic conditions lost 1.1% after gaining 4.2% in the previous reading.”

“‘Time to buy a household item’ continued to recover after falling to a 10-year low in recent weeks, although it remains below its long term average.”

“Inflation expectations inched higher by 0.1 ppt to 4.1%.”