more to come

Westpac were not too optimistic on this report heading in:

  • survey is in the field over the week ended Dec 11.
  • It will capture initial reactions to the emergence of the new omicron variant that has seen restrictions on international travel reintroduced
  • Rising inflation concerns may also be starting to undermine sentiment although these may be allayed somewhat by the RBA Governor’s clear intention to leave official interest rates on hold for a long time yet.
  • Recent declines in fuel prices – down over 12¢ to $1.43/litre from two year highs over $1.55/l last month – may also help


FWIW I'm a little sceptical on the 'falling fuel prices' in that week. I was out and about and had to be resuscitated after seeing the price of petrol/gas. Also, on the RBA Governor. I am not familiar with who takes part in this survey but most consumers I know pay little attention to the RBA Governor's comments unless they are made in Sex and the City or the Bachelor or whatever it is everyone is watching now.

RBA Governor Lowe