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Australia’s ANZ Roy Morgan consumer confidence index was down 1.2 percent last week, its second straight weekly loss – ensuring confidence remains below its long-run average.
The financial conditions sub-indices were positive. Current finances gained 0.2 percent, while future finances were up 0.7 percent. These small gains coming after large falls last week.
In contrast weakness in the economic conditions sub-indices continued for a second week. Current economic conditions fell 1 percent, while future economic conditions lost 1.7 percent.
The ‘Time to buy a household item’ measure fell 3.9 percent after two successive gains. Inflation expectations (IE) remained stable at 4.1 percent.
"Consumer confidence was down 1.2 percent last week, despite some positive developments in the US-China trade war. The decline leaves overall sentiment below average. Household perceptions of the economic outlook fell for a second consecutive week and are well below average. It will be interesting to see whether economic sentiment can gain this week as households have more time to consider the news on trade. In contrast to the negative economic outlook, households remain much more confident about their own financial outlook. This week’s employment data could be important in this regard. Stable inflation expectations, albeit at a low level by historical standards, will be comforting for the RBA," said David Plank, ANZ’s Head of Australian Economics.