- prior was +1.9%, revised from +2.2% m/m
- Biggest m/m fall in more than 2 years
ANZ comments (ANZ’s Australia senior economist Justin Fabo):
- “Economic activity appears to have lost some momentum recently after improving noticeably around the turn of the year.
- In particular, consumer spending has slowed and housing market activity has cooled somewhat, both at the same time that resources investment is falling sharply. Alongside this, consumer confidence has fallen sharply as news around the Commonwealth Budget has adversely affected sentiment.
- Uncertainty about when, and in what form, budget legislation will be passed in parliament has the potential to see weaker sentiment linger for some time.
- We will be watching confidence and job advertising closely over the next couple of months.”
