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Alba Iulia
Friday, July 10, 2020

Aussie consumer confidence drops: survey

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SYDNEY, Jan. 17 (PNA/Xinhua) — Consumer confidence in Australia has dropped, according to latest polls released by ANZ-Roy Morgan on Tuesday.

The figures show a 0.7 drop to 119.3 due to negative feeling of consumers about their own personal finances this year, but general confidence levels remained high.

“At current levels, confidence looks quite robust and continues to suggest a positive outlook for spending,” ANZ senior economist Jo Masters said in a note.

While household views about their finances dropped significantly by 4.8 percent, their outlook on their future finances went up slightly.

This aligned with the surveyed households consensus that the next 12 months will be economically flat, but their confidence in the broader five year outlook rose a tick by 0.6 percent.

The main risk identified for consumer confidence is the upcoming jobs figures for Australia in December, set to be released on Thursday.

“We are expecting decent job growth in December, but confidence remains vulnerable to a weaker than expected report,” Masters said.

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