“A sharp rise in unemployment and underemployment may explain the fall in ANZ Roy-Morgan Australian Consumer Confidence index last week. Overall confidence is up from its recent low, though still well below average,” ANZ Head of Australian EconomicsDavid Plank said.
“The decline in confidence was due to weakness in the financial conditions subcomponent. It is possible news about rising labour market has slack has people concerned about their personal finances.”
“Sentiment toward ‘current finances’ is down 7.5 per cent from its early January high, though still a touch above average.”
“In contrast to the weakness in financial conditions, sentiment toward economic conditions was higher. It is still well below that on financial conditions however, although the gap between the two has narrowed.”