Lowest level in seven weeks.
The ANZ-Roy Morgan Australian Consumer Confidence index deteriorated 2.1% last week, with all sub-indices weakening.
Households’ views towards current financial conditions fell 1.9%, reversing the 1.5% bounce in the previous week. Similarly, households were also less optimistic about future financial conditions, which fell 1.4%.
While the ‘time to buy a household item’ sub-index was flat, it held onto its 2.4% gain last week.
The decline in confidence was primarily driven by a weakening in sentiment around current and future economic conditions, ANZ head of Australian economics, David Plank said. “This likely reflects ongoing geopolitical tensions, such as the extending of trade tensions beyond the US and China.
“Somewhat disappointingly, the stronger-than-expected jobs report appears to have been overshadowed by the concerns mentioned above. The strong labour market has been quite supportive of confidence in the year so far and we expect this to remain so, despite a slowdown in the pace of job growth,” Plank said.