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Terror weighing on Australian consumer confidence

Xinhua, November 24, 2015 Adjust font size:

Terrorism fears and concerns of personal finances seem to be weighing on Australia's consumer confidence, which fell for the second successive week.

The latest ANZ-Roy Morgan weekly consumer confidence index is down 1.2 percent for the week to Nov. 22, extending the 0.6 percent dip of the previous week.

The Paris terror attacks, community fears of terrorism and the outlook of future finances are likely to be weighing on the index, ANZ economists noted.

However Australian consumer confidence remains elevated and above the long term average.

"This is likely a reflection of the current momentum in the jobs market, where opportunities in the services sectors appear to be rising," ANZ co-head of economics Cherelle Murphy said.

The four week moving average has continued higher, a trend that began when Australian Prime Minister Malcolm Turnbull deposed former PM Tony Abbott in a backroom party coup in September. Endit