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Australian monthly consumer sentiment data due today: “downside risks”

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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:

Westpac's brief preview of their data to be released during the session in APC today:

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