Steady
- Consumer confidence rose 0.3 points last week to 75.0 points. The four-week moving average eased 0.1pts to 74.1 points.
- ‘Weekly inflation expectations’ rose 0.2 percentage points to 5.7 per cent, while the four-week moving average was unchanged at 5.7 per cent.
- ‘Current financial conditions’ (over the last year) increased 0.2 points, and ‘future financial conditions’ (next 12 months) declined 1.5 points.
- ‘Short-term economic confidence’ (next 12 months) lifted 2.7 points, while ‘medium-term economic confidence’ (next five years) was up 2.1 points.
- The ‘time to buy a major household item’ subindex fell 1.9 points.
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The weekly ANZ-Roy Morgan Australian Consumer Confidence rating is based on 1,046 interviews conducted online and over the telephone during the week to Sunday. *Not seasonally adjusted.
ANZ Economist, Sophia Angala, commented:
ANZ-Roy Morgan Australian Consumer Confidence was relatively steady last week, rising just 0.3 points. Households reported feeling more confident in the 12-month and 5-year outlooks for the economy. However, households’ confidence in the 12-month outlook for their finances declined 1.5 points, and inflation expectations picked up. This may have been driven by a pick-up in petrol prices.
Across the housing cohorts, confidence declined for households paying off a mortgage but lifted for renters and outright homeowners. This comes ahead of today’s RBA meeting where we expect the RBA will keep rates on hold at 4.35 per cent.
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