Confidence: Consumer Confidence and Week

confidence: New figures showed consumer confidence tumbled 4.4 per cent to its lowest level since May in response to last week poor set of national accounts, which showed the economy contracted by 0.5 per cent in the September quarter, the first decline in five years, according to Nine News Australia. Worse still, the final weekly ANZ-Roy Morgan confidence gauge for the year also found households views of economic conditions over the next 12 month slumped 11.7 per cent. But a global rating agency has warned Treasurer Scott Morrison not to sugar-coat his economic forecasts when he hands down his mid-year budget review next Monday. ANZ senior economist Jo Masters said the results were not surprising, but while she believes the downturn will be only temporary, confidence could take a further hit if Thursday labour force report is weaker than expected. But he expects the economy will quickly resume a relatively subdued growth track, characterised by muted domestic demand. National Australia Bank Chief economist Alan Oster also expects a fair degree of bounce-back when the December quarter growth figures are released next March, avoiding a technical recession. (news.financializer.com). As reported in the news.