Westpac's brief preview of their data to be released during the session in APC today:
0030 GMT Australia - Westpac monthly consumer confidence, for August
- prior +1.5% m/m
Comments in brief from WPAC, noting lockdown in 3 states during the survey period:
- will likely reflect the COVID situation weighing more heavily on sentiment.
- For sentiment, the concern is two-fold: 1) that sentiment in NSW is still coming from a relatively firm level and so has scope for more substantive declines; and 2) that spill-overs to other states have been minimal. Both highlight downside risks to the August update.
Also, this highlights how the emphasis in NSW is shifting away from lockdown ... (bolding mine):
- In NSW, lock-down measures remain firmly in place and have had a mixed impact on cases - slowing but not stopping the virus spread - with the policy focus now on accelerating vaccinations.
NSW's lockdown has been 'softer' than, say, those in the state to its south (Australia's second-largest population state behind NSW), Victoria. Adding an emphasis on accelerated vaccinations fits the response in NSW. Fingers crossed its effective, and if so it comes at a lower cost to the economy.
NSW Premier Gladys Berejiklian:
