ANZ Head of Australian Economics, David Plank, commented:
“Confidence was marginally down last week, though it is still well above average levels. There was not much in the way of local economic news to react to last week. It seems consumer sentiment is in a holding pattern for now. This pattern is likely to be disrupted on Tuesday afternoon, with the RBA expected to either cut the cash rate for the first time since August 2016 or clearly signal that a rate cut is on the cards.”
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After a strong showing in the previous reading, consumer confidence fell by 1.6% last week. All the subindices were in the negative, except the ‘time to buy a major household item’. Confidence remains well above average.
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Confidence jumped by a healthy margin of 3.6% last week, taking the index to its highest level since December.
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The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.
25% or 75%
10% or 90%
5% or 95%