The ANZ-Roy Morgan consumer confidence index more than reversed last week’s unlikely gain down -3.5% to 111.7:
According to ANZ:
It is disappointing to see consumer confidence fail to hold onto the previous week’s gain, particularly as there was no obvious trigger for the reversal. It is not clear what drove confidence lower, but it seems that a quiet data week, even in the absence of negative news, was not enough to keep sentiment elevated. This highlights how fragile consumer confidence is, particularly around the economic outlook. In recent years, the Budget has had the most notable impact on consumers views towards the economy. We don’t expect any significant policy surprises that will hit households’ pockets, suggesting that any impact on confidence may be temporary.
Meh, this is all just noise. We don’t need a weekly reading at all:
So far we’re just range trading since Abbott was elected.
