Householders not confident about Aussie economic outlook—report

Font size :
By Eleanore D. Sanchez

Market selloffs have spooked Australians, and as a result, households are not as confident about their economic prospects over the short and mid-term, according to the ANZ Roy Morgan Australian Consumer Confidence Report.

Still, the report noted that consumer confidence remains “high by historical standards.”

Consumer perception about their current and future finances declined by almost 2%, the report said, while householders are putting off major purchases.

 Householders are also fretful of their financial future, as confidence for the 12-month economic term declined 1.1%, and the five-year economic outlook receded by 1.4%.

“Consumer confidence dipped 2.2 per cent last week, although it remains high by historical standards," ANZ head of Australian economics Felicity Emmett said.

"Last week’s sell-off in financial markets — which saw the ASX index suffer heavy losses early in the week — was likely the main driver of the decline in confidence,” she said. “Equity markets have now rebounded from last week’s lows. As such, we think consumers will likely turn their focus back to domestic fundamentals.”

Still, Emmett added that the strength in the housing market, low interest rates, and a recovering labor market could help rebuild confidence over the near term.
 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Sep 20, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords