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Consumer confidence: rebounded

Consumer confidence increased by 2.3pts. Among the mainland states, confidence rose in NSW, Victoria and Queensland and fell in SA and WA.


‘Weekly inflation expectations’ fell 0.3ppt to 5.2%. Its four-week moving average softened from 5.4% to 5.3%.


‘Current financial conditions’ remained unchanged. ‘Future financial conditions’ were up 5.0pts, more than offsetting the 4.2pts decline the week before.


‘Current economic conditions’ gained 3.0pts, while ‘future economic conditions’ rose 0.9pts.


‘Time to buy a major household item’ increased by 3.0pts.


ANZ Senior Economist Adelaide Timbrell said: “ANZ-Roy Morgan Australian Consumer Confidence spent its sixth straight week in the narrow band between 75pts and 78.5pts. Retail sales data for July and ANZ-observed spending in August were also weak. The confidence impact of falling real wages due to inflation continues to offset the positives in the economy and is likely the main factor that has kept the index in very weak territory for the past six months.


“The resilient labour market and the beginning of what we think will be an extended pause from the RBA is yet to result in a confidence level above 80, which was achieved even during Delta lockdowns in 2021.”


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