Sharon Zollner, Chief Economist at Australia and New Zealand Banking Group (ANZ) noted the ANZ-Roy Morgan Consumer Confidence Index recovered further in June. It has made back about half its fall, but is around 2009 levels.
“Consumer confidence bounced another 8 points in June to 104.5 but is still well under its historical average.
The net proportion of households who think it’s a good time to buy a major household item lifted 20 points to +5%, still recessionary levels.
The bounce is encouraging, but with unemployment set to rise sharply, we need to be realistic about how much spring is likely left.
The current conditions index and the future conditions index equalized in June.
There is increasing optimism that things will be better a year from now.”
The upbeat data failed to move the NZD, with NZD/USD trading modestly flat around 0.6430 so far.