The ANZ – Roy Morgan Weekly Consumer Confidence index is out and shows consumer confidence has fallen a 1.0% to 115.0 in the week ending August 3.
Sitting just above its long-run average, ANZ said “The level of confidence, which is likely being supported by the improvement in house prices and recent moderate employment gains, is broadly consistent with trend consumption growth”.
Trend consumption growth is a good result for an economy in transition as anything too fast – particularly on the back of rising house prices – might force the RBA to raise rates sooner than it was planning.
Interestingly though the two measures of forward looking expectations both dropped back a little this week as survey respondents downgraded their expectations of their own financial situation as well as the economy in the year ahead.
It’s just another sign that even though confidence has had a very strong post-budget bounce and is back at the long run average consumers and households are still very cautious about the future.
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