Consumer confidence fell 1.9pts last week. The four-week moving average was up 0.2pts.
‘Weekly inflation expectations’ fell 0.1ppt to 5.1%, and the four-week moving average was also down from 5.2% to 5.1%.
‘Current financial conditions’ fell 4.4pts, while ‘future financial conditions’ rose slightly by 0.1pts.
‘Short term economic confidence’ (about the economic outlook over the next 12 months) was up a touch by 0.5pts.
‘Medium term economic confidence’ (about the economic outlook over the next five years) decreased 2.7pts, which is its third straight weekly decline.
The ‘time to buy a major household item’ subindex declined 3.0pts.
ANZ Senior Economist, Adelaide Timbrell said: “ANZ-Roy Morgan Australian Consumer Confidence softened last week but the four-week moving average rose to its highest level since early February 2023. The four-week average of inflation expectations was at its equal-lowest since March 2022, ahead of quarterly CPI data due out this week. We expect headline inflation to come in at 4.3% y/y to Q4 2023, below the RBA’s forecast of 4.5%.
“A rate hold in February would be supported by this result and would buoy confidence, particularly among indebted homeowners. Over the last month, confidence among all housing cohorts improved.”
