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The ANZ-Roy Morgan consumer confidence survey for the week ended 16 February has been released, which registered a sharp 3.4% fall to sit just below its long-run average (see next chart).
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The fall in consumer confidence was driven by households feeling less confident about the economic outlook, with sub-indices “economic conditions in a year” and “…in 5 years” recording the largest falls.
Clearly, sentiment was negatively impacted by the demise of the Australian car assembly industry following last week’s announcement from Toyota last it would end local production by 2017.
unconventionaleconomist@hotmail.com
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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