Australia & NZ Weekly Economic Preview/Review: Week commencing 13 July 2026

Research evidence excerpt

Australia & NZ Weekly Economic Preview/Review: Week commencing 13 July 2026

Goldman Sachs Australia & NZ Weekly Economic Preview/Review

Australia: Week commencing 13 July 2026

Tuesday 14 July, 10:30am AEST

Westpac/MI Consumer Sentiment, July

Consumer sentiment, Last: 80.6.

Australian consumer sentiment decreased 2.9%mom in June to 80.6, around 20% below

its historical average. The perceptions of family finances sub-components deteriorated

in the month, as did perceptions of long-term economic conditions. The perceptions of

year-ahead economic conditions sub-component rose, but remains at very weak levels.

Looking ahead to the July survey, we expect consumer sentiment to be influenced by a

further decline in fuel prices and the RBA’s decision to leave interest rates unchanged in

the June meeting.

Exhibit 1: Consumer sentiment fell in June reversing the

small rise in May

Net balance Net balance

140 140

Westpac-MI surveyed consumer sentiment

130 130

120 120

110 110

100 100

90 90

80 80

70 70

2000 2003 2006 2009 2012 2015 2018 2021 2024

Source: Haver Analytics

Tuesday 14 July, 11:30am AEST

NAB Business Survey, June

Business conditions, Last: +3.

Business conditions remained steady at +3 in May, a little below their long-run average

level. The composition of the report was mixed with trading and employment

components both improving, while profitability declined into negative territory.

Measures of price pressures generally eased in the month but remain elevated. Forward

orders rose, more than unwinding the prior month’s fall, and capacity utilisation eased to

below 82% for the first time since early 2025.

Looking ahead to the June survey, we will continue to pay close attention to measures of

price pressures in light of the decline in global oil and related commodity prices.