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ANZ, Roy Morgan: Consumer confidence declines due to COVID-19 – NEWS.com.au

ANZ, Roy Morgan: Consumer confidence declines due to COVID-19

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Renewed fears of a second national lockdown have caused consumer confidence to slip, fuelling concerns that Australias economic recovery could be stifled. Latest research by ANZ and Roy Morgan shows confidence fell 0.5 per cent in the last week — its third weekly decline.
Its report noted deteriorating conditions in Melbourne are driving the anxiety, with economic sentiment conditions falling 3.4 per cent over the week.
ANZ head of Australian economics David Plank said government support measures were predominantly “shielding” people from the full brunt of the financial downturn.
“In contrast, sentiment toward personal finances is close to unchanged, highlighting the role that the massive fiscal stimulus has played in shielding people from the direct fallout of the economic slump triggered by the health response to the pandemic,” Mr Plank said.
In a separate monthly survey conducted by NAB Group Economics, business conditions and confidence are showing signs of improvement but remain deeply negative.
NAB’s business conditions rose 17 points to negative seven index points, rebounding from the historical lows experienced at the beginning of the pandemic.
The bank noted improved operating conditions in retail and mining sectors had led to the rise in sentiment.
NAB chief economist Alan Oster said the survey was conducted prior to the reintroduction of lockdowns in Victoria, which will likely dent business recovery.
“The increase was broad based across industries, but it is important to remember that given the prior large fall conditions still remain very weak overall,” Mr Oster said.
“Conditions and capacity utilisation remain very weak and will take some time to recover.”
Mr Oster flagged employment confidence over the month of June rose 20 points to an index position of negative 11 points, however the outlook remains considerably weak.
“The improvement in the employment index is very welcome, but is at a very low level and suggests that the labour market has a long way to travel before we can claim a full recovery,” he said.
Both conditions and consumer reports coincide with weekly payroll data released by the Australian Bureau of Statistics that note job losses were at 5.7 per cent at the end of June.

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Cathay Rises Most Since 2008 as Reopening Chance Offsets Virus – Bloomberg

Cathay Pacific Airways Ltd. shares climbed the most in nearly 12 years after a Chinese state-run newspaper tweeted that Hong Kong’s airport may restart transfer flights to mainland China, a move that could inject the beleaguered carrier with some much-needed …

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Cathay Pacific Airways Ltd. shares climbed the most in nearly 12 years after a Chinese state-run newspaper tweeted that Hong Kong’s airport may restart transfer flights to mainland China, a move that could inject the beleaguered carrier with some much-needed passenger traffic.
The tweet from the Global Times added fuel to Cathay’s Wednesday morning rally, pushing it to a 12% gain, its biggest since October 2008. Shares closed at HK$5.88 in Hong Kong. The newspaper cited a source it didn’t ident…

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Students breach Melbourne coronavirus restrictions for McDonald’s trip – NEWS.com.au

Students breach Melbourne coronavirus restrictions for McDonald’s trip

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A trio of vloggers who broke Melbournes strict lockdown restrictions for a trip to McDonalds and then posted about it on social media have been fined thousands of dollars for their naive and shameful stunt.The five-minute video was filmed by a group of international students stuck in Melbourne, who posted about it on Chinese social media site Weibo, where it was viewed tens of thousands of times in the space of a few hours, before it was deleted following widespread criticism.
The deleted video…

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The Show’s a no-show, but you can still grab a bag – The Age

The COVID-19 pandemic has scuppered this year’s Royal Melbourne Show, but fans can enjoy “a little bit of happiness in a year that is so stressful” by buying showbags online.

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She is disappointed the family won’t be going this year. The show, due to start on September 19, was cancelled due to the COVID-19 pandemic.
Instead, to give the boys a taste of the excitement, Ms Antonello paid $65 to buy three showbags online.
The top-selling showbags for Bensons Trading (Bluey, Harry Potter and Barbie) and for Chicane Showbags (Bertie Beetle, The Australian Women’s Weekly and My Kitchen Rules).
Top showbag producers faced disaster when more than 200 shows across the countr…

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