Westpac’s brief preview of their data to be released during the session in APC today:
0030 GMT Australia – Westpac monthly consumer confidence, for August
Comments in brief from WPAC, noting lockdown in 3 states during the survey period:
- will likely reflect the COVID situation weighing more heavily on sentiment.
- For sentiment, the concern is two-fold: 1) that sentiment in NSW is still coming from a relatively firm level and so has scope for more substantive declines; and 2) that spill-overs to other states have been minimal. Both highlight downside risks to the August update.
Also, this highlights how the emphasis in NSW is shifting away from lockdown … (bolding mine):
- In NSW, lock-down measures remain firmly in place and have had a mixed impact on cases – slowing but not stopping the virus spread – with the policy focus now on accelerating vaccinations.
NSW’s lockdown has been ‘softer’ than, say, those in the state to its south (Australia’s second-largest population state behind NSW), Victoria. Adding an emphasis on accelerated vaccinations fits the response in NSW. Fingers crossed its effective, and if so it comes at a lower cost to the economy.
NSW Premier Gladys Berejiklian: