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Major bank rates Australian investors’ confidence levels

By Cameron Micallef · July 09 2019
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ANZ

Major bank rates Australian investors’ confidence levels

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By Cameron Micallef · July 09 2019
Reading:
egg
egg
ANZ

Confidence is slowly consolidating in the Australian market, with modest falls this week after a short period of strong gains. 

In research conducted by ANZ and Roy Morgan, consumer confidence fell 1.1 per cent in the last week, despite a cash rate cut and the passage of income tax offsets for middle income earners. 

“Confidence fell 1.1 per cent, despite the RBA’s second rate cut. The passage of the tax cuts has also not been an immediate boost to sentiment. We need to put this in context, however. Consumer confidence rose sharply in the prior week and is above average, so some consolidation is not completely unexpected,” David Plank, ANZ head of Australian economics, said.

“Interestingly, confidence also fell immediately following the June RBA rate cut, suggesting the immediate takeaway from monetary easing is not necessarily positive. The mixed nature of last week’s data, with another trade surplus but soft retail sales, may also have contributed,” he added.

According to ANZ and Roy Morgan, confidence in current finances have increased by 3.7 per cent for the week, while confidence in future finances have also risen by 1.3 percent.

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In contrast, metrics were down across other key economic indicators, including confidence about future economic conditions. However, these indices declines were not disappointing when compared to the gains of 13.3 per cent and 7 per cent, respectively, in the previous report.

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Major bank rates Australian investors’ confidence levels
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About the author

Cameron is a journalist for Momentum Media's Nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's Nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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