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Consumer confidence: softened

Consumer confidence decreased by 0.8pts. Among the mainland states, confidence rose in SA and WA, while it fell in NSW, Queensland and Victoria.


‘Weekly inflation expectations’ remained unchanged at 5.9%. Its four-week moving average rose from 5.6% to 5.7%.


‘Current financial conditions’ declined 1.8pts after a 6.8pt jump the week before. ‘Future financial conditions’ rose 0.7pts but remained below 90 for a fifth straight week.


‘Current economic conditions’ increased slightly by 0.3pts. ‘Future economic conditions’ fell 5.4pts offsetting the 5.1pt rise the week before.


‘Time to buy a major household item’ increased by 2pts.


ANZ Senior Economist Adelaide Timbrell said: “ANZ-Roy Morgan Consumer Confidence fell last week ahead of the RBA July meeting. The four-week average level of confidence was the second-worst result in the last 30 years, second only to the first four weeks of the pandemic. Both ‘current’ and ‘future financial conditions’ remain persistently weak as inflation expectations hit their highest four-week average of 2023.


“Those paying off their own homes continue to have the lowest confidence, 6pts below the average for all survey participants.”


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