Consumer confidence decreased by 0.8 points last week. Among the mainland states, confidence fell in Victoria, Queensland, South Australia and Western Australia. It remained unchanged in New South Wales.
‘Weekly inflation expectations’ fell 0.4 percentage points to 5.5 per cent. Its four-week moving average was unchanged at 5.7 per cent.
‘Current financial conditions’ rose 2.5 points, more than offsetting its 1.8-point fall the week before. ‘Future financial conditions’ rose 0.5 points but remained below 90 for a sixth straight week.
‘Current economic conditions’ decreased 0.7 points. ‘Future economic conditions’ increased by 0.6 points. ‘Time to buy a major household item’ plunged 6.8 points, falling to its lowest since early April 2020.
“ANZ-Roy Morgan Consumer Confidence fell last week despite the Reserve Bank of Australia leaving the cash rate unchanged, though many subcategories of confidence lifted,” ANZ Senior Economist Adelaide Timbrell said.
“There were small gains in ‘current’ and ‘future financial conditions’ and ‘future economic conditions’ but that was more than offset by a sharp decline in the ‘time to buy a major household item’ subindex.
“Confidence dropped 3.4 points for those paying off their own homes and fell to its lowest level on record for this cohort.”
