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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Westpac consumer confidence for August rose 2.8% m/m to 85.0, its highest since February but it remains at a depressed level. Policy was behind the improvement with tax cuts and other cost-of-living relief measures introduced on July 1, and unchanged rates at the August 6 RBA meeting even though Governor Bullock warned that it was too early to discuss cuts. It is still unclear how much of the tax cuts will be spent. July retail sales on August 30 should give an early indication.
- Inflation and cost of living remain the key concerns for consumers.
- The improvement in consumer sentiment was driven by the “family finances” component signalling an impact from higher disposable incomes. Compared to a year ago they rose 11.7% m/m and the 12-month outlook +5.1% to the highest level since this tightening cycle began in May 2022.
- Improved finances also improved spending intentions with the “time to buy a major item” rising 0.6% m/m, the third consecutive increase.
- Deteriorating affordability continues to pressure “time to buy a dwelling” with the index down 5.8% m/m to a new 2024 low.
Australia Westpac consumer confidence index
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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