Ensure you never miss an issue of the
real estate business bulletin
Consumer confidence rises for first time in six weeks

Consumer confidence rises for first time in six weeks

by Staff Reporter 0 comments

The latest ANZ-Roy Morgan Consumer Confidence Index increased for the first time since the media coverage of the federal Budget.

Confidence rose 2.9 per cent last week after dropping by 12 per cent over the past six weeks, according to ANZ’s head of Australian economics, Justin Fabo.

“Given the extent of deterioration seen recently, developments in consumer confidence over the next few weeks will be watched closely for any early indications of the likely outlook for consumer spending,” he said.

The bounce in confidence was driven by a sharp improvement in perceptions of ‘economic conditions next year’ (+14.5 per cent), and perceptions of ‘economic conditions in the next five years’ (+4.0 per cent).

However, perceptions of ‘financial situation compared to a year ago’, which is most correlated with household spending growth, fell 3.1 per cent last week.

The index is now down a sharp 15 per cent since the most recent peak three months ago and suggests consumer spending could soften in the near term.

Consumer confidence rises for first time in six weeks
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?