Consumer confidence increased 1pts, the four-week moving average was up 1.8pts.
Among the mainland states, confidence rose in NSW and SA, but fell in Victoria, Queensland and WA.
‘Weekly inflation expectations’ were up 0.3ppt to 5.3%, while the four-week moving average declined to 5.3% from 5.4%.
‘Current financial conditions’ fell 2.5pts after a 9pts jump the week before. ‘Future financial conditions’ gained 2.4pts rising above the neutral 100-level for the second time since January 2023.
‘Current economic conditions’rose3.8pts, while ‘future economic conditions’ declined 2.1pts.
The ‘time to buy a major household item’ subindex increased 3.1pts.
ANZ Senior Economist, Adelaide Timbrell said: “ANZ-Roy Morgan Australian Consumer Confidence edged higher but is still very weak compared to the long run average. The increase in confidence in recent weeks has been driven by outright homeowners and those paying off their homes, perhaps buoyed by rises in housing prices and the potential stabilisation of rates.
Confidence about future finances has exceeded the neutral level for the second time since January 2023. There are limits to the overall increase in confidence though, as households continue to face the impacts of rapid inflation. Renter confidence has been trending down, perhaps due to low vacancy rates driving stronger rent growth, among other rapidly rising living costs.”
