The ANZ-Roy Morgan Consumer Confidence index dipped again last week, falling 1.1 per cent. The weakness was predominantly due to the economic conditions component of the index.
Current economic conditions fell by 2.6 per cent, while future economic conditions were more downbeat, falling 4.9 per cent. Both these subindices are near their multi-year lows.
In contrast, financial conditions were upbeat, with current financial conditions gaining 0.3 per cent and future financial conditions gaining 0.2 per cent.
The ‘Time to buy a household item’ subindice gained 0.4 per cent after falling 3.9 per cent in the previous reading. The four-week moving average of inflation expectations declined by 0.1 percentage points to 3.9 per cent as the weekly reading fell to 3.8 per cent, its lowest level since the end of June.