Consumer confidence highest since early March

Consumer confidence rose 2.7 points last week to 68.8 points. The four-week moving average lifted 0.4 points to 66.4 points.

‘Weekly inflation expectations’ fell 0.2 percentage points to 5.9 per cent, while the four-week moving average ticked down 0.2 percentage points to 6.1% per cent.

‘Current financial conditions’ (over the last year) was up 3.2 points, while ‘future financial conditions’ (next 12 months) increased 2.2 points.

‘Short-term economic confidence’ (next 12 months) jumped 4.6 points, and ‘medium-term economic confidence’ (next five years) lifted 0.4 points.

The ‘time to buy a major household item’ subindex gained 3.1 points.

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"ANZ-Roy Morgan Australian Consumer Confidence rose 2.7 points last week to 68.8 points, its highest level since early March," ANZ Economist, Sophia Angala said.

"However, confidence remains 17.5 points below the 2025 average. Recent momentum in consumer demand has been soft, and the weak level of consumer confidence supports our view that the RBA cash rate is likely to remain at 4.35 per cent over the near term.

"Weekly inflation expectations declined 0.2 percentage points to 5.9 per cent last week, their lowest level since the survey week ending 1 March (the last survey period which mostly occurred prior to the escalation in Middle East conflict). The pullback in inflation expectations likely reflects recent monthly inflation data, which was softer than expected."

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NOTE: the next ANZ-Roy Morgan Australian Consumer Confidence report will be released on Wednesday 10 June due to the King’s Birthday public holiday.

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