ANZ Roy Morgan Weekly Consumer Confidence for the week ended August 16

+0.6% on the week

Highest level in 6 weeks

Comments from ANZ

  • Surprising given financial market volatility after the PBOC devalued the yuan
  • Questions if the rise will be sustained
  • Points out that last week's wages data from the ABS showed record low growth in wages
  • And in an environment of low wages growth, combined with the soft labour market, household income growth is likely to remain weak
  • Will continue to provide a constraint on growth in household consumption

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Still to come from Oz today ... and much more of a focus ...

  • RBA August meeting Minutes today - preview of what to look for
  • RBA August Minutes due today - preview from NAB