Consumer confidence ticks higher
Consumer confidence increased by 1.6 points but remained below the 80 level for a fifth-straight week. Among the mainland states, confidence rose in New South Wales, South Australia and Western Australia, while it fell in Victoria and Queensland.
‘Weekly inflation expectations’ increased by 0.3 percentage points to 5.7 per cent. Its four-week moving average rose 0.1 percentage points to 5.7 per cent.
Three of the five subindices increased. ‘Current financial conditions’ fell 1 point with the subindex below 70 for a fourth-consecutive week. ‘Future financial conditions’ gained 3.1 points.
‘Current economic conditions’ climbed 4.6 points. ‘Future economic conditions’ were up 3 points. ‘Time to buy a major household item’ softened 1.4 points.
"Consumer confidence remained below 80 points for a fifth-consecutive week, the longest time below 80 points since the start of the weekly series in October 2008," ANZ Senior Economist Adelaide Timbrell said.
"Confidence among those paying off their mortgage fell 2.1 points to 70.5 ahead of the April RBA meeting, bringing mortgaged homeowner confidence to 7.2 points below average confidence for all cohorts.
"Confidence in financial conditions, particularly current financial conditions, is now trending lower than it was during the initial COVID outbreak, as ongoing inflation and the rapid rise in the cash rate bites household budgets.
"Confidence that ‘it is a good time to buy a major household item’ declined 1.4 points and was below 70 for an eighth-straight week."