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Beginning in Australia, the Westpac-MI Consumer Sentiment survey delivered a lacklustre update on confidence. At 81.3, the headline index remains firmly entrenched at extremely pessimistic levels, an outcome that has only been associated with major economic dislocations over the survey’s near fifty-year history. Driving this sustained weakness in sentiment has been a marked deterioration in views over the economy’s prospects and family finances for the year ahead, with these sub-indexes now 10% and 16% below their respective long-run averages. The cost-of-living remains a considerable constraint for households, the sub-index covering spending intentions on ‘major household items’ nearly 40% below its long-run average.

New zealandMichele bullockChief economist bill evansGovernor michele bullockFederal reserveJuly beige bookReserve bankChinese june