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Financial News: Australia's Consumer Confidence Weakens

Australia's Consumer Confidence Weakens

11/27/2017 - 22:52:00 (RTTNews)

(RTTNews) - Australia's consumer confidence eased during the weak ended November 28, after strengthening in the previous two weeks, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

The consumer confidence index dropped to 115.0 from 116.4 in the preceding month. However, the index remained above its long term average of 112.9.

Three out of five sub-indexes posted falls, including both current and future economic conditions.

"Despite last week's fall, sentiment towards economic conditions has improved considerably since its low point in early September," ANZ's head of Australian Economics, David Plank, commented.

"Views around current conditions remain above their long term average and overall economic conditions are at their highest point since February."

The index measuring 'time to buy a household item' improved 0.5 percent, bringing this subindex back to its long term average of 133.8.

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