Consumer confidence slips back on oil price uncertainty
The proportion of households thinking it's a good time to buy a major household item fell five points.
The latest ANZ Roy-Morgan consumer confidence survey for August reveals a slight dip in optimism among Australians, falling to a reading of 98 from the previous month's low of 100. This indicates more pessimists than optimists, though it is still 18 points higher than the April nadir. Retailers face concern as the proportion of households considering it a good time to purchase major household items declined by 5 points to -12.
ANZ economists attribute this to the unpredictability of oil prices, which have fluctuated sharply since February, and the lingering uncertainty surrounding the economic outlook. Despite these challenges, there are glimmers of hope. A net 22 percent of respondents anticipate a better financial situation this time next year, marking the strongest reading since January.
Perceptions about the economic outlook over the next year have also improved by 1 point to -12 percent, while expectations about house price inflation have eased slightly to 2.5 percent. Inflation expectations over the next two years remain steady at 4.7 percent.
Written by urgent.news from RNZ Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
