Australia – Westpac Consumer Confidence Index for June -5.2% m/m (prior -4.8%)

News

Lockdown impacted Melbourne … and the fear spreads wider than one city/state. 

  • Drops to 107.2 from its prior month at 113.1

  WPAC comment (from a much longer report):

  • The latest fall in June is almost certainly due to concerns around the two-week lockdown in Melbourne. The survey was conducted during the first week of the lockdown.
  • The Index is now back at the level we saw back in January when the country was impacted by significant lockdowns in parts of Sydney and Queensland. 

Also this from the report, something to chew on ahead:

  • Our detailed questions also detected an emerging concern with inflation potentially providing a further explanation for the fall in the Index, although at this stage there is no related concern about interest rates.

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