Uptrend continues
- Consumer confidence rose 3.1pts last week to 75.9pts. The four-week moving average lifted 1.8pts to 72.6pts.
- ‘Weekly inflation expectations’ fell 0.2ppt to 5.6%, while the four-week moving average dipped 0.1ppt to 5.9%.
- ‘Current financial conditions’ (over the last year) rose 2.1pts, while ‘future financial conditions’ (next 12 months) was up 5.9pts.
- ‘Short-term economic confidence’ (next 12 months) lifted 6.6pts, and ‘medium-term economic confidence’ (next five years) increased 4.5pts.
- The ‘time to buy a major household item’ subindex declined 3.5pts.
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ANZ Economist, Madeline Dunk, commented:
ANZ-Roy Morgan Australian Consumer Confidence recorded its second consecutive weekly rise, taking the series to its highest level since early March. Confidence has been trending higher, rising 17.1pts from its recent low of 58.8pts in late March.
The rise in confidence was broad-based, with households feeling more positive about their financial conditions and the economic outlook. Confidence in the 12 months outlook for the economy and households’ personal financial situation lifted to the highest level since February.
The pick-up may be linked to the decline in the unemployment rate seen in the May Labour Force Survey released last week. It is also possible that the trend lower in petrol prices is supporting confidence and contributing to the decline in inflation expectations.
ANZ-Roy Morgan Australian Consumer Confidence rose 3.1pts to 75.9pts last week
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