Analysts at ANZ note that for the Australian economy, the ANZ-Roy Morgan Consumer Confidence fell by 2.1% last week, closing below its four-week moving average but remaining above the long-term average.
Key Quotes
“Financial conditions were not the cause of the fall, with current finances up 2%, while future finances rose 1.4%.”
“Economic conditions dropped sharply, however, with current economic conditions down a massive 8.1%, continuing their recent volatile pattern, and future economic conditions falling 3.3%.”
“The ‘time to buy a household item’ also did not help, falling 2.5%. The four-week moving average for inflation expectations rose by 0.2ppt to 4.2%.”
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