Consumer confidence dips on unease

Consumer confidence retreated slightly at the weekend amid apparent unease at the state of the Australian economy, an ANZ survey suggests.

The ANZ-Roy Morgan Australian Consumer Confidence index dropped 0.3 per cent from the previous week, with respondents’ perception of the economy, including the outlook for the next 12 months, falling 4.3 per cent and sentiment about conditions during the next five years dipping 0.3 per cent.

But the weekly measure of consumer mood, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, also recorded a 2.6 per cent rise in how people felt about their financial condition compared with a year ago and a 2.4 per cent increase regarding their finances over the next 12 months.

“The impact of tax cuts appears to be showing up in the financial conditions subindices, with more people saying they are better off financially,” ANZ economist David Plank said.

He added that recent falls on the Australian share market may have had a negative influence on sentiment.

The survey’s “time to buy a major household item” metric fellĀ 2.6 per cent after a decline of the same amount in the prior week.

AAP

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