Australia: Consumer anxiety rises steeply – NAB

NAB’s Consumer Anxiety Index for Australia rose sharply in Q2 to 58.8 points, from a survey low 51.6 points in the previous quarter to stand at its highest level since Q3 2016 (but still below its long-term average of 59.8 points), points out Alan Oster, NAB Group Chief Economist.

Key Quotes

“Anxiety increased across all components of the Index.”

“The impact of the general economic situation in Australia on our spending and savings plans is causing more concern than at any time over the past year.”

“Consumers are also more concerned about their household’s financial position than at any time since late-2016.”

“Australian consumers who said they were ‘extremely’ concerned about their current financial position were also asked to tell us what issues in particular were having the biggest impact on their current financial position. By far the biggest impact in Q2 2018 came from utility bills according to 1 in 2 ‘extremely’ concerned consumers.”