The ANZ-Roy Morgan weekly consumer confidence index is out and it shows that the rebound from the post budget lows has stalled with a fall of 0.3% to 105.01 in the past week.
The ANZ says this is a worry for the economy because while “confidence has improved modestly over the past month, the pace of recovery so far does not make us comfortable that the deterioration in confidence is transitory”. They continue to believe that another 5% bounce is required “to suggest that the non-mining recovery remains on track”.
The ANZ also has highlighted the strong correlation between consumer and business confidence “which tends to move closely with consumer confidence over time”. The NAB business survey is out at 11.30am AEST this morning and the market will be watching closely.
We’ll have full coverage here at Business Insider.