ANZ Roy Morgan weekly consumer confidence, for the week ended June 7

  • Fallon the week of 1.2%, down to 112.1 (from 1135. prior)

Comments from ANZ 9bolding mine):

  • Below long-run average of 112.7
  • "Last week's Q1 GDP report showed that growth in consumer spending remains soft, with weak growth in household incomes weighing on spending. April retail sales were also disappointing. Ongoing soft growth in wages is likely to remain a constraint on spending, even with a lower saving rate. And if confidence proves unable to sustain the recent bounce, growth in consumer spending looks set to stay in the doldrums."

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We had a good bounce in consumer confidence after the budget. 'Had' being the important word in that sentence.

the bounce is disappearing faster than a bottle of beer at BBQ