ANZ Roy Morgan New Zealand Consumer Confidence falls back to 83.0 from previous 84.9

ANZ"s Roy Morgan New Zealand Consumer Confidence fell to 83.0 from the previous month's 84.9 as the measure of consumer sentiment retreated in June, sticking close to multi-year lows in the sentiment index. 

As noted by ANZ's Chief Economist Sharon Zollner, "consumer pessimism is consistent with the broader economic data that shows households are tightening their belts in the face of restrictive monetary conditions, a stagnant housing market, and a softening labour market." Chief Economist Zollner continued, "slowing CPI inflation and expectations that fixed mortgage rates are likely to decline from here will be providing some relief, but this is clearly only a partial offset to the relatively lengthy list of headwinds."

About New Zealand's Roy Morgan Consumer Confidence

The Consumer Confidence released by the ANZ is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative (or bearish).