Australia consumer confidence weekly survey drops 0.5% w/w

ANZ Roy Morgan weekly survey of consumer sentiment 85.6

• prior 86.1

ANZ remarks:

• Confidence softened by 0.5% last week, even as interest rates rose by 50bp.
• Overall consumers are still very pessimistic.
• Household inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term expectations dropped 0.1ppt to 5.3%.
• Over the 3 previous 50bp rate hikes this year confidence fell much more sharply than it did last week. Perhaps Lowe's hint that the size of the rate increases may be less in the future helped. Lower petrol prices may also have contributed.

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And still ahead is the Westpac monthly survey of consumer sentiment, due at 0030 GMT (prior -3% m/m)