(Australian Associated Press)
Consumers are still feeling confident about the economic outlook but are less optimistic about their own finances.
The ANZ-Roy Morgan Australian Consumer Confidence Survey shows that consumer confidence fell 0.5 per cent to 117.5 in the week ended February 5 – but that is still above the 100-point level delineating confidence and pessimism.
Households’ assessment of their current situation fell 3.4 per cent. But that was still above its long-rung average.
ANZ’s head of Australian economics David Plank said households’ assessment of their current situation fell back to the level prevailing through mid-January.
“This is consistent with the weaker retail sales reports for November and December,” Mr Plank said in a statement on Tuesday.Mr Plank said in a statement on Tuesday.
ANZ would watch closely to see what it meant for the pace of consumer spending in the early part of 2017, he said.
Households’ views towards future finances dropped 0.2 per cent over the past week.
However, that too was well above its long-run average, the ANZ survey said.