Australia consumer confidence off multi-year low but econ conditions view further down

By Sophia Rodrigues

Consumer confidence rose 1.2% in the week to Dec. 1 to 108.1, marking the first rise in four weeks but remained well below the long-run average of 113.1, data from ANZ-Roy Morgan showed. While a part-rebound in "Time to buy a household item" was a positive, the disappointment was further drop in view on economic conditions next year. This sub-index fell to 85.7 from 89.4, and was well below long-run average of 105. This sub-index is the one the RBA would be watching closely because it might signal that any futher cut in cash rate would be viewed with pessimism about the economy, and would thus be counterintuitive.