Australia: Westpac consumer confidence index (July ): -1.1% to 82.7 (prior +1.7% to 83.6)

Westpac’s report, main points:

• Family finances again under pressure.
• Muted lift from ‘stage 3’ tax cuts and other fiscal measures, although many yet to see cash-flow boost.
• Biggest declines amongst middle income earners, Victorians, hospitality and construction workers.
• Rate rise expectations post big jump – 60% now expect higher rates.
• Steady outlook for labour market still the main source of support.
• Same story around housing: weak buyer sentiment and positive price expectations.

This article was written by Eamonn Sheridan at www.forexlive.com.