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Consumer confidence: backwards step

Consumer confidence fell 3.4pts, and the four-week moving average declined 0.4pts.


Confidence fell in New South Wales, Victoria, Queensland and Western Australia, but was unchanged in South Australia.


‘Weekly inflation expectations’ rose 0.5ppt to 5.4%, while the four-week moving average was unchanged at 5.2%.


‘Current financial conditions’ were down 2.8pts and ‘Future financial conditions’ dropped 8.3pts.


‘Current economic conditions’ decreased by 2.0pts and ‘Future economic conditions’ weakened 2.8pts.


The ‘Time to buy a major household item’ subindex fell 0.8pts.

ANZ Economist Madeline Dunk said: “ANZ-Roy Morgan Consumer Confidence was unable to build on its recent upward momentum, with the series falling 3.4pts last week. Each of the five subindices declined, and there was a particularly steep drop in the ‘Future financial conditions’ subindex. Confidence amongst those households paying off a mortgage declined by 8.1pts, while it fell 2.9pts for renters and 0.3pts for households who own their home outright.


“Meanwhile, inflation expectations rose to 5.4%, reversing the falls seen in the previous two weeks. Inflation expectations are likely to be of interest to the RBA, especially given the recent strength in petrol prices which have averaged over AUD2/litre for the last six weeks.”


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