ANZ-Roy Morgan Consumer Confidence: Confidence Bounces Back

Alongside the release of the latest weekly ANZ-Roy Morgan Consumer Confidence reading ANZ noted that "The consumer confidence survey was carried out ahead of the announcement of the plan for Victoria to emerge out of the lockdown. Even taking this into account, the up-tick in confidence comes as a positive surprise. We had thought the release of the weak Q2 GDP report during the week, with the media in particular focusing on the confirmation that Australia is in recession, would have dampened sentiment overall. The jump in 'future economic conditions' may indicate that a number of people think the economic situation is close to the bottom. Indeed, sentiment in this category is now close to the neutral level of 100. People are much more negative about the near-term economic outlook, however, though they are positive about their own 'current financial conditions.'"