Consumer confidence increased by 0.6pts. Among the mainland states, confidence rose in Victoria and South Australia and fell slightly in New South Wales, Queensland and Western Australia.
‘Weekly inflation expectations’ were up 0.1ppt to 5.3%. Its four-week moving average was steady at 5.3%.
‘Current financial conditions’ were up 0.9pts. ‘Future financial conditions’ declined 3.0pts.
‘Current economic conditions’ fell 0.6pts, while ‘future economic conditions’ rose 2.7pts.
‘Time to buy a major household item’ increased by 2.7pts.
ANZ Senior Economist Adelaide Timbrell said: “ANZ-Roy Morgan Australian Consumer Confidence rose to 78.7, its highest level since April 2023. The encouraging July monthly CPI indicator print which showed falling annual inflation likely supported the increase in confidence. In particular, government rebates which reduced the net price increase of electricity from 19.2% m/m to 6% m/m may have helped household financial confidence.
“The start of what we think is an extended pause from the RBA could also be flowing through. The four-week average confidence level for outright owners is steadily increasing while those paying off their mortgage are seeing confidence stagnate at a lower level than renters and outright owners.”
