Consumer confidence increased 0.4pts, but the four-week moving average decreased 0.9pt.
Among the mainland states, confidence rose in Victoria, SA and WA, while it fell in NSW and Queensland.
‘Weekly inflation expectations’ rose 0.1ppt to 5.6%, while the four-week moving average remained at 5.5%.
‘Current financial conditions’ fell 1.5pts, while ‘future financial conditions’ were up 0.3pts.
‘Current economic conditions’ decreased 2.8pts. ‘Future economic conditions’ rose 1.5pts after three straight weeks of declines.
The ‘time to buy a major household item’ subindex rebounded 4.5pts, partially reversing the 7.6pts decline the week before.
ANZ Senior Economist, Adelaide Timbrell said: “The ANZ-Roy Morgan Australian Consumer Confidence index increased slightly last week but remained persistently weak. It was among the ten worst results since the beginning of the COVID pandemic in March 2020. There cent decline in confidence has been sharp for those paying off their homes, while for renters and outright owners it has been shallower.
There has been an increase in the subindices that capture the future financial and economic conditions, whereas in the past two weeks there has been a weakening in those that capture current conditions.”
