Consumer confidence rose 2.1pts last week to 72.8pts. The four-week moving average lifted 1.7pts to 70.8pts.
‘Weekly inflation expectations’ fell 0.2ppt to 5.8%, while the four-week moving average ticked down 0.1ppt to 6.0%.
‘Current financial conditions’ (over the last year) eased 0.3pts, while ‘future financial conditions’ (next 12 months) was up 0.3pts.
‘Short-term economic confidence’ (next 12 months) jumped 4.5pts, and ‘medium-term economic confidence’ (next five years) increased 1.0pts.
The ‘time to buy a major household item’ subindex gained 4.9pts.
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ANZ Economist, Sophia Angala, commented: ANZ-Roy Morgan Australian Consumer Confidence lifted 2.1pts to 72.8pts last week, its highest level since early March, though it remains well below its 2025 average.
The improvement was broad-based across the subindices. The ‘time to buy a major household item’ subindex recorded the largest rise across the subindices and its sixth consecutive weekly rise, likely supported by end-of-financial-year sales events. Households are also feeling more confident in future economic conditions, likely due to the news of a USIran peace deal during the survey period.
Across the housing cohorts, mortgage holders were the only cohort to record a decline in confidence. This likely reflects the RBA’s decision to hold the cash rate at 4.35% last week, with the Monetary Policy Board retaining the option to hike rates should inflation prove more persistent. Meanwhile, renter confidence is now at its highest level since late February, prior to the escalation of conflict in the Middle East.
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