“Last week’s back-and-forth on import tariffs between the US and China roiled global and domestic equity markets, fuelling fears of retaliatory measures by governments worldwide.
"This is likely responsible for the sharp deterioration in households’ views around the economic outlook. Additionally, the unexpected tick up in the unemployment and underemployment rate in February may also have impacted.
"Stepping away from the week-to-week volatility, views around economic conditions (four-week average) have fallen by about a third from their February peak. However, they remain above their long-term average and consistent with our expectations of solid economic growth in 2018.
"Encouragingly, four out of five sub-indices remain above their long-term averages. In particular, after dropping sharply from its February high, the ‘time to buy a household item’ appears to be trending up again. Together with the stabilisation of aggregate financial conditions this may point to some resilience in consumer spending going forward.”
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The week that was March 19-25, 2018
- 'Tell me this is a bad dream': Cricket greats react to ball-tampering scandal
- Family of man mistakenly killed in alleged bikies-linked shooting 'torn apart'
- Bodies found on Bribie Island beach 'suspicious', police say
- Victorian peat fires could smoulder for months, farmers fear
- $38 billion wiped off Australian shares as Trump hits China with tariff threat
- Banking royal commission highlights the conflict of interest at heart of mortgage broking
- How a 'small army of Bradburys' could hand Turnbull a company tax cut
- 'Australia thinks we're spies': Chinese students angered by visa delays as state media issues 'red alert'
- Commercial radio is not playing enough Australian music, researcher says
- One Nation to back company tax cuts in exchange for funding for 1,000 apprentices
- Legal concerns over plan to extend 'outdated' regional forestry agreements
- Cambridge Analytica's Australian office is a former used-car salesman's house
- Kaurna people granted native title rights in Adelaide, 18 years on
- Uber driverless car crash fails to deter early adopters because 'humans are inferior'
- You only tweet twice: The digital life of Australia's spy chief
- A lock of hair and a new DNA testing centre could help solve a 40-year-old missing person case
- NRL's decision to allow Matt Lodge back looking worse by the week
- Former ADFA cadet accused of rape 'kept groping woman until she bit him'Homes lost as bushfires intensify in Victoria's west