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Financial News: Australia Consumer Confidence Weakens Further

Australia Consumer Confidence Weakens Further

04/26/2017 - 00:55:00 (RTTNews)

(RTTNews) - Australia's consumer sentiment declined for the second straight time during the week ended April 23, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Wednesday.

The consumer confidence index fell by 1.24 percent to 111.2 from 112.6 in the previous week. Moreover, the index remained below its long run average.

Consumers' expectations regarding country's economic conditions for he next year registered a sharp decline, with the index falling to 90.5 from 95.6.

Households' views towards their current finances fell 1.2 percent on a weekly basis, while views about future finances dropped by 0.6 percent.

"Most of the fall in consumer confidence was driven by expectations for economic conditions over the coming year. These are now the lowest they've been since early 2016, before the RBA resumed its easing cycle, ANZ's Head of Australian Economics David Plank commented.

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