Consumer confidence rose 1.2 per cent last week, with most subindices except ‘current finances’ and ‘time to buy major household item’ recording an uptick.
‘Current finances’ declined by 3.2 per cent, while ‘future finances’ rose by 0.4 per cent. ‘Current economic conditions’ rose by 8.4 per cent, while ‘future economic conditions’ rose by 4.9 per cent.
‘Time to buy a household item’ declined by 1.3 per cent last week. This comes after a big gain of 5.3 per cent in the week before. The four-week moving average for ‘inflation expectations’ rose to 3.4 per cent.
“Consumer confidence has risen for the third week in a row with the most notable improvement coming from Melbourne and the rest of Victoria.,” ANZ Head of Australian Economics, David Plank said.
“Sentiment in Melbourne is still well below neutral, but consumers there are now a touch more confident than those in Sydney.”
“Consumer confidence in the rest of Victoria rose above the neutral 100 level for the first time since early March. The success in
getting the COVID-19 new case numbers down is clearly having a big impact on confidence in Victoria.”
“The positive surprise in the August labour market data may have bolstered sentiment more generally, though it is worth pointing out that confidence is comparable to the level reached during the depths of the GFC.”
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