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Consumer confidence: softened

Consumer confidence dropped 3.7pts, and the four-week moving average decreased 0.8pts.


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


‘Weekly inflation expectations’ rose 0.2ppt to 5.3%, while the four-week moving average increased to 5.3% from 5.2%.


‘Current financial conditions’ fell 5.6pts after a cumulative 6.4pts gain over the previous two weeks.


‘Future financial conditions’ confidence was down 4.8pts.


‘Current economic conditions’ declined 3.2pts, while ‘future economic conditions’ fell 3.5pts.


The ‘time to buy a major household item’ subindex softened 1.1pts.


ANZ Senior Economist Adelaide Timbrell said:  “The ANZ-Roy Morgan Australian Consumer Confidence index fell back below 80 after a 3.7pts decline last week. The weakness in confidence was broad-based, with declines across all subindices. Among the housing cohorts, confidence plunged for those paying off their homes (-7.2pts), reversing the gains of the previous two weeks. It fell for outright homeowners as well (-3pts), while it rose slightly for those renting (+1pt).


“Inflation expectations rose despite heavier than usual retail sales activity in October as well as a two-year low in price pressure measures in the NAB Business Survey.”


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