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Consumer Confidence Holding Steady, Despite Worrying Employment Figures

The ANZ-Roy Morgan Consumer Confidence index has remained unchanged over the past week, holding steady at 97.5.

“Confidence held up despite weak labour market data and an increase in COVID-19 cases in Victoria. Confidence has been steady since the end of May,” said David Plank, ANZ Head of Australian Economics. “Given the backdrop of disappointing news on the labour market and developments in Victoria, we think the result should be seen as encouraging.”

In particular, the ‘time to buy a major household item’ has continued to improve, rising by 4.1% this week. “This component has more than doubled from its historic low at the end of March, though it remains some way below its long-run average,” Plank said.

Now, 38% of Australians say it is a ‘good time to buy’ a major household item, while 31% say now is a ‘bad time to buy’ – marking the lowest percentage for this indicator since mid-March.

Overall, however, the picture remains mixed. ‘Current economic conditions’ declined by 1.6%, while ‘future economic conditions’ rose by 2.7%.

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