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Financial News: Australia's Consumer Confidence Remains Stable

Australia's Consumer Confidence Remains Stable

06/14/2017 - 00:10:00 (RTTNews)

(RTTNews) - Australia's consumer confidence held steady during the week ended June 11, after rising in the previous three weeks, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Wednesday.

The consumer confidence index remained unchanged at 112.9 last week, following the release of the disappointing Q1 GDP result.

Households' expectations regarding their own financial conditions in the next 12 months improved during the period, with the corresponding index rising to 123.5 from 121.5 in the prior month.

Their current financial conditions jumped 9.4 percent bringing the index to its highest level in 14 weeks.

The weekly inflation expectations series ticked down to 4.0 percent last week. The four-week moving edged down to at 4.2 percent.

"Not surprisingly, the lift in confidence stalled last week following the weak Q1 GDP result. Interestingly, although household views towards economic conditions fell, their views towards financial conditions improved quite dramatically," ANZ's Head of Australian Economics David Plank commented.

"This is encouraging in terms of the outlook for household consumption, although we expect that persistent weakness in wage growth and high levels of household debt will continue to weigh on spending."

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