Rise strongest since February
- Consumer confidence rose 1.0pts last week to 77.5pts. The four-week moving average increased 1.6pts to 75.9pts.
- ‘Weekly inflation expectations’ rose 0.3ppt to 6.1%, while the four-week moving average rose 0.1 ppt to 5.8%.
- ‘Current financial conditions’ (over the last year) fell 1.0pts, and ‘future financial conditions’ (next 12 months) declined 4.1pts.
- ‘Short-term economic confidence’ (next 12 months) increased 4.7pts, while ‘mediumterm economic confidence’ (next five years) rose 2.0pts.
- The ‘time to buy a major household item’ subindex increased 3.8pts.
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ANZ Economist, Madeline Dunk, commented:
ANZ-Roy Morgan Australian Consumer Confidence continued its grind higher, with the series now at its highest level since the escalation of the conflict in the Middle East. The lift was driven by an improvement in the financial conditions subindices, as well as households’ views about whether it was a good time to buy a major household item. Notably, inflation expectations rose for a third consecutive week, taking the subindex to its highest level since early June. This may be linked to the recent rise in fuel prices.
Across the housing cohorts, confidence improved most for households paying off a mortgage. That said, a sizeable gap has emerged between confidence amongst renters compared to homeowners. The level of confidence amongst renters is at its highest since January. In contrast, confidence amongst outright homeowners is at its highest since June and confidence amongst those paying off a mortgage is at its highest since March.
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