Consumer confidence increased by 3.2 points. Among the mainland states, confidence rose in New South Wales, Victoria, and South Australia, while it fell in Queensland and Western Australia.
‘Weekly inflation expectations’ increased 0.1 percentage points to 5.5 per cent. Its four-week moving average fell from 5.6 per cent to 5.5 per cent.
‘Current financial conditions’ rose slightly by 0.3 points. ‘Future financial conditions’ jumped 5.7 points rising to its highest since early April.
‘Current economic conditions’ were up 2.4 points. ‘Future economic conditions’ rose 1.7 points offsetting the 1.6 points fall the week before. ‘Time to buy a major household item’ surged 5.5 points.
“ANZ-Roy Morgan Australian Consumer Confidence increased last week, to its highest point since the last week of April 2023,” ANZ Senior Economist Adelaide Timbrell said.
“The increase in confidence was driven by major gains in the ‘future financial conditions’ index ahead of an expected pause from the Reserve Bank of Australia. Still, confidence remains low as households grapple with ongoing high inflation and restrictive interest rates, which is also reflected in falling retail sales.
“Among the housing cohorts, confidence jumped across all groups as it rose 3.1 points for outright homeowners, 4.5 points for those paying off their homes and 3.4 points for those renting.”
