This afternoon, Roy Morgan released its first consumer confidence survey since last week’s rate cut and it shows a small deterioration. Obviously much of the gain transpired in advance. Will be interesting to watch as Europe descends:
Consumer Confidence was virtually unchanged at 116.4pts, (down 0.4pts in a week) according to the Roy Morgan Consumer Confidence Rating conducted last weekend (November 5/6, 2011). Consumer Confidence is now 9.6pts lower than a year ago, November 6/7, 2010 (126.0). This survey was interviewed after the RBA reduced interest rates by 0.25% to 4.5%, the RBA’s first cut in interest rates in more than 2 years.