ANZ-Roy Morgan has released its consumer confidence index for the weekend of 6/7 February, which registered a small 0.6% decline in confidence to 111.4 points, with the index now tracking slightly below the historical average of 112.6 points:
Commenting on the result, ANZ Head of Australian Economics David Plank noted that consumer confidence has returned more or less to ‘normal’ following the COVID-induced downturn:
“Consumer confidence is consolidating close to its long-run average. This solidifies the recovery from 2020. Any meaningful breakout from here on will have to be on back of strong news/developments. The vaccine rollout in Australia could be the next big trigger, with a successful program possibly propelling sentiment much higher. Of course, difficulties in providing vaccine coverage could have the opposite effect”.
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