Australia’s consumer confidence weakened during the week ended July 22, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.
The consumer confidence index dropped to 118.9 from 121.5 in the preceding week. Moreover, this was the lowest value in seven months.
“The decline in confidence was primarily driven by a weakening in sentiment around current and future economic conditions,” ANZ’s head of Australian Economics, David Plank, said.
“This likely reflects ongoing geopolitical tensions, such as the extending of trade tensions beyond the US and China.”