Analysts at ANZ note that the Australia’s ANZ-Roy Morgan Consumer Confidence reversed the previous week’s loss as all the sub-indices were positive.
“The survey coincided with the election, so much of the gain likely reflects the impact of the surprise win by the Coalition.”
“Current financial conditions rose by 0.5%, while future financial conditions were up 1.2%.”
“Economic conditions, which were responsible for much of the previous week’s fall, were also in positive territory. Current economic conditions were up 3.8%, compared to a fall of 8.1% previously, while future economic conditions were up 0.9%.”
“The ‘time to buy a household item’ also rose significantly; it was up 4.1% to its highest level since the end of March. The four-week moving average for inflation expectations was down by 0.1 ppt to 4.1%.”