Consumer confidence: green shoots?
Consumer confidence increased by 3.2pts. Among the mainland states, confidence rose in Victoria, Queensland, SA and WA, while it fell slightly in NSW.
‘Weekly inflation expectations’ decreased 0.2ppt to 5.2%. Its four-week moving average fell from 5.5% to 5.4%.
‘Current financial conditions’ jumped 7pts, offsetting the 6.9pts decline the week before. ‘Future financial conditions’ were up 7.6pts after a 9.6pts fall in the previous week.
‘Current economic conditions’ gained 3.4pts rising above 70 for the first time in 14 weeks. ‘Future economic conditions’ rose 0.4pts.
‘Time to buy a major household item’ fell 2.5pts, its second weekly fall in a row.
ANZ Senior Economist Adelaide Timbrell said: “ANZ-Roy Morgan Australian Consumer Confidence jumped up last week, nearly offsetting the fall from the week before. While still very weak, the four-week moving average for consumer confidence is at its highest since May.
“The four-week average of consumer confidence is rising for all housing cohorts, perhaps representing some green shoots in confidence as the cash rate stabilises, the labour market stays resilient and inflation falls. Indeed, inflation expectations fell to 5.2%, the lowest result since mid-May.”