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Financial News: Australia's Consumer Confidence Weakens Further

Australia's Consumer Confidence Weakens Further

08/22/2017 - 00:43:00 (RTTNews)

(RTTNews) - Australia's consumer confidence weakened for the third straight time during the week ended August 20, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

The consumer confidence index fell to 109.2 from 111.7 in the preceding week.

The fall in sentiment was broad based, with four out of five sub-indexes posting declines.

Households' views towards current financial conditions slipped 2.1 percent last week and their outlook fell notably by 5.3 percent.

Inflation expectations edged up to 4.5 percent on a four-week moving average basis, with the weekly value coming in at 4.4 percent.

"Despite a strong labour market and robust business conditions, we believe that any recovery in consumer confidence is likely to be capped until households experience a material acceleration in wage growth," ANZ's head of Australian Economics, David Plank, commented.

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