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The ANZ-Roy Morgan Research (RMR) consumer confidence index has fallen for a second consecutive week after hitting the highest level since late-January.
In the week ended 10 August, the consumer confidence index fell by 6.5 points to 108.5, taking it some 4% below its long-run average reading of 113.2 (see next chart).
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The below chart plots the most recent Westpac-Melbourne Institute Consumer Sentiment index against the ANZ-RM Consumer Confidence index:
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The upcoming release of Westpac’s consumer sentiment index for August should provide us with more colour on the mood of the Australian consumer.
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.