Consumer confidence a smidge lower
Consumer confidence fell slightly by 0.5 per cent after three consecutive weeks of gains. Among the mainland states, confidence increased in NSW and SA, while it declined in Victoria, Queensland and WA.
‘Weekly inflation expectations’ dropped 0.4ppt to 5.8 per cent, while its four-week moving average fell 0.3ppt to 6.2 per cent.
The subindex results were mixed. ‘Current financial conditions’ plunged 6.2 per cent, after a 9 per cent jump the week before. ‘Future financial conditions’ dropped 1.9 per cent, partly offsetting the 2.8 per cent gain from the previous week.
‘Current economic conditions’ rebounded 4.9 per cent, after a 2.8 per cent fall over the previous two weeks. ‘Future economic conditions’ declined 2.9 per cent, after three straight weeks of gains.
‘Time to buy a major household item’ jumped 5.2 per cent.
"Consumer confidence softened 0.5 per cent last week after a 5.6 per cent gain over the previous three weeks," ANZ Head of Australian Economics David Plank said.
"The decline in confidence in both ‘current’ and ‘future financial conditions’ and ‘future economic conditions’ was almost offset by greater confidence in ‘current economic conditions’ and whether ‘it is a good time to buy a major household item.’
"The improved sentiment for spending on major items is usual during this time of the year in the lead-up to Christmas. This is also reflected in the ANZ-observed spending in November, which was boosted by Black Friday sales. Household inflation expectations dropped for a fourth week in a row, falling below the 6 per cent mark for the first time since early October."