Australia: Shockingly weak GDP data hits consumer confidence - ANZ

Australia’s ANZ-Roy Morgan Australian consumer confidence fell a sharp 4.4% in the week ending 11 December notes analysts at ANZ.

Key Quotes

“The headline index is now at its lowest level since May. The details were negative with views on ‘economic conditions over the next 12 months’ and ‘now is a good time to buy a household item’ showing the sharpest declines.”

“Households’ views towards their finances compared to a year ago edged down 0.7%, while households’ views towards their future finances slipped 2.1%. Both sub-indices remain well above their long run averages.”

“Households’ views of economic conditions over the next 12 months plummeted 11.7%, bringing the index to its lowest level since February. Household views of the economic outlook in the next five years fell a more modest 1.7%.”

“Household views on whether ‘now is a good time to buy a household item’ fell a sharp 6.2% this week, bringing it to the lowest level since late January.”