Slips back
- Consumer confidence fell 1.2pts last week to 74.7pts. The four-week moving average rose 1.0pts to 73.5pts.
- ‘Weekly inflation expectations’ eased 0.2ppt to 5.4%, while the four-week moving average dipped 0.2ppt to 5.7%.
- ‘Current financial conditions’ (over the last year) dropped 0.6pts, while ‘future financial conditions’ (next 12 months) was down 2.2pts.
- ‘Short-term economic confidence’ (next 12 months) declined 3.9pts, and ‘medium-term economic confidence’ (next five years) decreased 0.6pts.
- The ‘time to buy a major household item’ subindex lifted 1.4pts.
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ANZ Economist, Sophia Angala, commented:
ANZ-Roy Morgan Australian Consumer Confidence declined 1.2pts to 74.7pts last week, as confidence in the financial and economic outlook weakened. The ‘time to buy a major household item’ subindex was the only subindex to improve last week, likely supported by end-of-financial-year sales during the survey period.
The decline in confidence coincided with the release of the RBA’s June Monetary Policy Board meeting minutes, which reinforced the Board’s hawkish stance and the risk of a further rate hike. The Board also noted that economic activity was slowing “as expected”. Consumer confidence remains well below its long-run average, pointing to softness in consumer demand over the near term. We expect annual household consumption growth to ease from 2.5% in 2025 to 1.1% in 2026.
ANZ-Roy Morgan Australian Consumer Confidence fell 1.2pts to 74.7pts last week
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