Highest since early March
- Consumer confidence rose 1.5 points last week to 76.5 points. The four-week moving average increased 0.2pts to 74.4 points.
- ‘Weekly inflation expectations’ rose 0.1 percentage points to 5.8 per cent while the four-week moving average was unchanged at 5.7 per cent.
- ‘Current financial conditions’ (over the last year) increased 3.6 points, and ‘future financial conditions’ (next 12 months) rose 5.9 points.
- ‘Short-term economic confidence’ (next 12 months) eased 1.5 points, while ‘medium-term economic confidence’ (next five years) declined 1.9 points.
- The ‘time to buy a major household item’ subindex increased 0.9 points.
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The weekly ANZ-Roy Morgan Australian Consumer Confidence rating is based on 1,048 interviews conducted online and over the telephone during the week to Sunday. *Not seasonally adjusted.
ANZ Economist, Madeline Dunk commented:
ANZ-Roy Morgan Australian Consumer Confidence increased 1.5pts last week, following the RBA’s decision to keep the cash rate on hold at 4.35 per cent. This takes confidence to its highest level in 24 weeks. The pick-up was driven by an improvement in householders’ confidence in their financial situation, especially over the next year – with this subindex rising to its highest level since February. On a four-week moving average (4wma) basis, confidence amongst renters is at its highest level since January.
Over the past few weeks, we’ve seen the biggest gap ever emerge in the 4wma for confidence amongst renters relative to those paying off a mortgage. Compared to households who own their home outright, confidence amongst renters is at its strongest since 2022. The softer confidence amongst homeowners may be linked to the recent downturn in the housing market. We have lowered our housing price forecasts and expect capital city housing prices to decline 10.6 per cent from their recent peak.
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