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Consumer confidence: baby steps

Consumer confidence rose by 2.2pts, and the four-week moving average lifted 1.0pts.


Confidence rose in New South Wales, Victoria and Western Australia, but declined in Queensland and South Australia.


‘Weekly inflation expectations’ fell 0.3ppt to 4.9%, while the four-week moving average declined to 5.2%.


‘Current financial conditions’ increased by 2.0pts and ‘Future financial conditions’ rose 3.2pts.


‘Current economic conditions’ were up 1.8pts and ‘future economic conditions’ increased by 3.3pts.


The ‘Time to buy a major household item’ subindex rose by 0.6pts.


ANZ Economist Madeline Dunk said:  “ANZ-Roy Morgan Consumer Confidence rose 2.2pts last week to reach its highest level since late April. While the series remains at very low levels, particularly for those paying off a mortgage, there are some early signs of tempered optimism amongst households.


"Confidence for mortgage holders rose 4.1pts to record its highest reading in more than seven months. Meanwhile confidence increased 4.7pts for renters, after a sharp fall the week beforehand, but declined 2.3pts among those who own their home outright. In welcome news, inflation expectations also fell to 4.9% – the lowest reading since February 2022 before Russia invaded Ukraine.”


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