Australia - monthly consumer confidence -0.6% m/m (prior +0.6%)

Author: Eamonn Sheridan | Category: News

The  Westpac survey for June

A drop this month of 0.6% to 100.7 (optimists barely edging out pessimists) 
  • prior was +0.6% m/m to 101.3 

Commentary from Westpac … some forthright views here (bolding mine):

This is a disappointing result given the cut in official interest rates this month and suggests deepening concerns about the economy have outweighed the initial boost from lower rates. 

Moves in the component indexes 

  • biggest decline was in the sub-index tracking expectations for the 'economy, next 12mths' which dropped 4.7% to be back in slightly pessimistic territory
  • 'finances, next 12mths' sub-index caught a decent 3.1% rise
  • 'finances vs a year ago' sub-index weakening 2.4%
  • sub-index tracking longer term expectations for the economy showed a slight 1% improvement

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