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Westpac Economics' Weekly Economic Update

Elliot Clarke

Westpac

The NAB business survey reported a pullback in business conditions and confidence in July; however, conditions remained above long-run average levels, while confidence was broadly in line. Of the sub-components of conditions, trading conditions and profitability both remain robust, but the employment index is clearly lagging well behind. Turning to the consumer, the August Westpac-Melbourne Institute Consumer Sentiment release reported a jump in overall confidence on the back of stronger perceptions of family finances and the economic outlook – likely driven by greater stability in Greece and China. That being said, the economic outlook indexes remain below their year-ago levels, as does 'time to buy a major household item'. Unemployment expectations also remain elevated. House price expectations point to further gains, but concerns over affordability are clearly present – particularly in NSW. Next week policy meeting minutes from the RBA and FOMC will be in focus.


Elliot Clarke
Elliot Clarke
Senior Economist
Westpac

An Economist based in Sydney Australia with a particular interest in macro-financial analysis of the Australian and global economy. Having spent a number of years with the Reserve Bank of Australia and Westpac Economics, monetary policy, the...

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