Consumer confidence broadly unchanged

Consumer confidence fell 0.2 points last week to 64.3 points. The four-week moving average rose 0.3 points to 62.5 points.

‘Weekly inflation expectations’ lifted 0.4 percentage points to 7.1 per cent, while the four-week moving average was little changed at 7.1 per cent.

'Current financial conditions’ (over the last year) increased 5.8 points, while ‘future financial conditions’ (next 12 months) eased 1.1 points.

‘Short-term economic confidence’ (next 12 months) was down 2.8 points, and ‘medium-term economic confidence’ (next five years) dropped 3.8 points.

The ‘time to buy a major household item’ subindex was up 1.0 points.

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"ANZ-Roy Morgan Australian Consumer Confidence was broadly unchanged last week, declining just 0.2 points. At 64.3 points, the series is at its fourth-lowest level since records began in 1973," ANZ Economist, Sophia Angala said.

"The slight decline was driven by weaker economic confidence. This came amid the release of the March Labour Force Survey, which showed the unemployment rate holding at 4.3 per cent. Overall, higher fuel prices and recent weakness in consumer confidence are likely to see consumer spending slow.

"Weekly inflation expectations rose to 7.1 per cent last week, the third-highest result since the series began in 2010. In a fireside chat last week, RBA Deputy Governor Hauser noted that inflation in Australia is too high and highlighted the importance of keeping inflation expectations anchored. We continue to expect the RBA to increase the cash rate by 25 basis points in May."

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