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Improved Household Finances Boost Consumer Confidence
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.
Source: MNI - Market News/Refinitiv
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Why MNI
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