Consumer confidence still weak

Consumer confidence lifted 2.2 points last week to 64.5 points. The four-week moving average fell 1.0 points to 62.2 points.

‘Weekly inflation expectations’ declined 0.5 percentage points to 6.7 per cent, while the four-week moving average was unchanged at 7.0 per cent.

‘Current financial conditions’ (over the last year) eased 0.8 points, while ‘future financial conditions’ (next 12 months) rose 4.4 points.

‘Short-term economic confidence’ (next 12 months) was up 3.2 points, and ‘medium-term economic confidence’ (next five years) gained 2.3 points.

The ‘time to buy a major household item’ subindex increased 1.6 points.

"ANZ-Roy Morgan Australian Consumer Confidence recorded its second consecutive weekly rise. However, at 64.5 points, the series is at its fourth-lowest level since records began in 1973," ANZ Economist, Sophia Angala said.

"Most subindices improved last week, which may have been driven by news of the US-Iran ceasefire. Ceasefire developments led to a brief easing in oil prices last week, which likely supported the fall in inflation expectations. However, on a four-week moving average basis, inflation expectations remain at their highest since this subindex series began in 2010.

"Across the housing cohorts, there was an increase in confidence among outright homeowners and renters, while confidence fell for mortgage holders. However, on a four-week moving average basis, confidence across all three housing cohorts remains at decade lows."

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