Confidence was down just a notch last week, falling 0.3 per cent.
The financial conditions sub-indices were positive. Current financial conditions rose 3.9 per cent, while future financial conditions gained 0.2 per cent. The rise has bought both indices back above their long-term averages.
Current and future economic conditions were down 2.3 per cent and 1.9 per cent respectively.
‘Time to buy a major household item’ was also down, falling 1.2 per cent. The four-week moving average for inflation expectations was stable at 3.8 per cent.
“Confidence was down slightly last week but remains above average,” ANZ Head of Australian Economics, David Plank said.
“Last week’s economic news was mixed. The employment report showed strong growth in jobs for May, but the unemployment rate remained unchanged.”
“Business conditions were soft, though business confidence rose. All in all, there was not a lot to drive consumer sentiment.”
“The weekly reading of inflation expectations recovered to 4.0 per cent after falling to a low of 3.6 per cent, which should provide some relief for the RBA.”
