“It is encouraging to see confidence recover after being hit by equity market volatility and domestic political uncertainty in consecutive weeks. A broad based improvement suggests that confidence remains supported by strong fundamentals, underneath the weekly volatility.
"Following our recent focus on household finances and the headwinds households face, we note that overall financial conditions have moved up last week, driven by a turn in views towards current conditions. This is particularly encouraging given that the RBA has flagged household consumption as a key area of uncertainty in its outlook for 2018.
"Though economic conditions have fallen from their peak, some correction was not unexpected given their rapid run up since November. Even now, aggregate economic conditions remain well above their long term average, consistent with a robust labour market and strong activity.
"The resolution of events in Canberra may support confidence in the coming week, barring any new triggers.”
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The week that was February 19-25, 2018
- McCormack the sole declared candidate to replace Joyce as Nationals leader
'Monorail salesman': Bernardi ridicules Musk during pro-nuclear launch
Chinese agents 'infiltrating church groups to undermine Australia's sovereignty'
Australia slips in global corruption rank
Water 'coming out of the cupboards' as flash floods hit Canberra homes
Turnbull urges US not to diminish presence in Indo-Pacific
Major companies are cutting ties with the National Rifle Association (NRA)