I don’t pay much attention to the weekly consumer confidence numbers. They’re too volatile to bother and much more shallow than Westpac monthly. Still, this is interesting, we just hit a new post-Turnbull low of 109.2 (prior 111.7):
It’s hard not to see this flowing in some measure from the Canberra circus. But there was also the news last that wages are going nowhere and that remains the key driver of the unprecedented drop in household’s versus business confidence that dates pretty much from the election of Do-nothing Malcolm:
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Turnbull the Great:
- tax cuts for business and tax hikes for households;
- war on wages via immigration and industrial relations;
- wholesale support for capital in refusing to reform property and super lurks;
- energy demolition for households as (some) business rorts the east cost.
- banks protected as they launder and gouge.
Expect the great divergence to continue!
