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Money Ashes victory helps gives Australian consumer sentiment a lift

13:40  06 december  2017
13:40  06 december  2017 Source:   businessinsider.com.au

Five talking points from Australia’s first Ashes Test victory

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Australian consumer confidence rose last week, with a timely boost from the long-awaited return of summer cricket. And sentiment towards the broader economy was also positive, as views towards current and future economic conditions rose by 1.7% and 0.5% respectively.

Ashes victory helps gives Australian consumer sentiment a lift . Australian consumer sentiment plunged to a 12-month low last week.

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Australian consumer confidence rose last week, with a timely boost from the long-awaited return of summer cricket.

The ANZ-Roy Morgan consumer confidence index rose by 0.7% to 115.8, partially offsetting the previous week's 1.2% fall.

Four of the five sub-indexes rose, with households feeling more upbeat about both their finances and the broader economy.

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2017 has been a difficult year for Australian consumers, as households struggle amid high household debt and low wage growth.

Westpac's monthly reading of consumer confidence dipped back into negative territory in November, with pessimists outnumbering optimists.

Aussies laud 'genius' Lyon after emphatic first Test win

  Aussies laud 'genius' Lyon after emphatic first Test win Aussies belt Poms by 10 wickets in the Ashes opener with credit going to their offie.Australia might have stormed to an Ashes Test victory over England thanks to some hostile fast bowling, and a stunning 141 n.o. by Steve Smith, but the players have singled out Nathan Lyon's performance as the key to securing the emphatic win.

Australian Consumer Sentiment Rises 3.9%. Published by Stuart McPhee at November 11, 2015. Most surprisingly, the confidence of respondents who hold a mortgage increased by 4.1 per cent – a larger lift than the rise in the overall Index.

In economic news today, the Australian Bureau of Statistics is due to release job vacancy figures for the three months to May. Originally published as Rudd's rebirth gives share market a lift .

But at a reading of 115.8, ANZ's weekly confidence measure remains comfortably above its long-term average of 112.9.

NZ domestic cricket side coy on Stokes

  NZ domestic cricket side coy on Stokes New Zealand team Canterbury says it hasn't yet decided whether it will offer suspended England allrounder Ben Stokes a spot.England cricketer Ben Stokes is expected to soon land in Christchurch but Canterbury Cricket says it won't be chasing him through the airport for his signature.

The Westpac-MI consumer sentiment index has just been released, with confidence jumping 4.2% to 97.8 in October. Given weakening expectations towards the outlook for house prices, it may diminish the “wealth effect” that Australian home owners enjoyed in recent years thanks to the uplift in home

Strong lift in Consumer Sentiment . Bulletin. The Australian economy is facing uncertainty around the mining sector and with contractionary fiscal policy and a punishingly high Australian dollar, we need further rate cuts to help build on these early signs that lower rates are having an impact on

And according to ANZ's Head of Australian Economics David Plank, last week's reading got a boost from Steve Smith and his band of cricket cohorts in the baggy green.

"A terrific comeback by Australia to win the first test of the Ashes certainly didn’t hurt the mood," Plank said.

“Consumers remain quite upbeat, with a small but broad based improvement in confidence last week."

Encouragingly, households' views toward their finances over the next 12 months rose for the first time in over a month last week, climbing by 1.7%.

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Views towards future finances -- looking ahead over the next five years -- also continued to improve, rising by 0.5% and a 1.6% gain in the week prior.

And sentiment towards the broader economy was also positive, as views towards current and future economic conditions rose by 1.7% and 0.5% respectively.

"In four week moving average terms, views towards current economic conditions are at their highest point since late 2013," ANZ said.

Knives quickly out for English captain

  Knives quickly out for English captain England captain Joe Root's decision to bowl first in the second Ashes Test is rapidly attracting criticism from past players. The knives have quickly come out for England captain Joe Root after he snubbed history and chose to bowl first in an Adelaide Oval Test.Only one team has won after doing so.That triumph belongs to the then-mighty West Indies whose fearsome fast bowlers delivered victory in February 1982.On Saturday, in overcast conditions and forecast rain, Root won the toss and sent Australia in to bat in the second Ashes Test.

Australian consumer sentiment dipped in April. A Melbourne Institute and Westpac Bank survey of 1,200 people published on Wednesday showed its index of consumer sentiment dipped 0.6 percent in April.

The University of Michigan has released its final Consumer Sentiment results for November 2016 up at 93.8. The upsurge in favorable economic prospects is not surprising given Trump’s populist policy views, and it was perhaps exaggerated by what most considered a surprising victory as well as by a

However, Plank sounded a warning about the upcoming Christmas sales period for Australia's struggling retail sector.

"While the recent pickup in headline confidence is encouraging, the ‘time to buy a household item’ subindex has slipped back under its long term average – not a good sign for the Christmas season sales," Plank said.

"This is not surprising given the number of headwinds consumers face; among other things, higher electricity costs and rising petrol prices."

Inflation expectations among Australian consumers remain steady at 4.5%, up sligthly from 4.2% in June, which Plank said could mostly be attributed to rising petrol costs rather than broad-based price increases.

"The deluge of data this week, including the Q3 GDP release, may set the tone for confidence in the near term," he concluded.

Key data this week starts today with the release of October retail sales at 11:30am AEDT, followed by the RBA's December interest rate announcement at 2:30pm AEDT.

Smith to consult team on follow-on calls .
Australian cricket captain Steve Smith is set to consult teammates before making any future follow-on calls after a tough second-Test Ashes experience.Smith came under fire for not sending England in to bat again to face the swinging pink ball when the tourists trailed by 215 runs after the first innings, former vice-captain Shane Warne among those to question the call.

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