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Consumer confidence: declined

Consumer confidence fell 3.2pts, and the four-week moving average decreased 0.8pts.


Among the mainland states, confidence rose only in Queensland, while it fell in NSW, Victoria, SA, and WA.


‘Weekly inflation expectations’ dropped 0.5ppt to 5.2%, while the four-week moving average was unchanged at 5.3%.


‘Current financial conditions’ fell 4.6pts, its third straight weekly decline. ‘Future financial conditions’ were down 1.0pt.


‘Current economic conditions’ fell 5.2pts, while ‘future economic conditions’ softened 0.3pts.


The ‘time to buy a major household item’ subindex dropped 4.9pts.


ANZ Senior Economist Adelaide Timbrell said: “The ANZ-Roy Morgan Australian Consumer Confidence index declined last week after an uncomfortably high inflation print and expectations of a November rate hike by the RBA.


The indices that capture confidence in ‘current’ conditions declined the most, including current finances, the short-term economic outlook and whether it is a good ‘time to buy a household item’. Among the housing cohorts, confidence fell across all groups.”


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