Up slightly
- Consumer confidence rose 0.6 points last week to 75.3 points. The four-week moving average lifted 1.1 points to 74.7 points.
- ‘Weekly inflation expectations’ increased 0.3 percentage points to 5.7 per cent, while the four-week moving average ticked down 0.1 percentage points to 5.6 per cent.
- ‘Current financial conditions’ (over the last year) was up 1.4 points, and ‘future financial conditions’ (next 12 months) gained 2.0 points.
- ‘Short-term economic confidence’ (next 12 months) climbed 2.1 points, while ‘medium-term economic confidence’ (next five years) decreased 1.9 points.
- The ‘time to buy a major household item’ subindex fell 1.0 points.
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The weekly ANZ-Roy Morgan Australian Consumer Confidence rating is based on 1,031 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 recorded a slight rise of 0.6 points last week. The lift was driven by improving confidence in economic and financial outlooks over the next 12 months, with the latter subindex at its highest level since early March. The decline in confidence in the medium-term economic outlook occurred in the same week as the speech by RBA Assistant Governor Hunter, as we see noting that economic growth will need to be slower to return inflation to the RBA’s 2–3 per cent target band.
Weekly inflation expectations rose last week, after four consecutive weekly declines. This may reflect inflation risks, as the Middle East conflict re-escalated during the survey period. Despite the rise, inflation expectations have been trending down since April. On a four-week moving average basis, inflation expectations are at their lowest level since mid-March.
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