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Consumer confidence: inflation expectations at 2024 high

• Consumer confidence declined 0.9pts to 81.9pts. The four-week moving average fell 0.1pts to 82.4pts.


• ‘Weekly inflation expectations’ rose 0.1ppt to 5.3%. The four-week moving average was also up 0.1ppt to 5.1%.


• Four of the five subindices declined.


• ‘Current financial conditions’ softened 2.2pts and ‘future financial conditions’ declined 2.7pts.


• ‘Short term economic confidence’ (about the economic outlook over the next 12 months) decreased1.3pts. ‘Medium term economic confidence’ (about the economic outlook over the next five years) fell 1.6pts.


• The ‘time to buy a major household item’ subindex bucked the trend and rose 2.8pts.


ANZ Economist, Madeline Dunk said: “ANZ-Roy Morgan Australian Consumer Confidence declined for a second consecutive week. The current economic environment has kept consumer confidence below 85pts for a record 62 weeks – 23 weeks longer than during the 1990s recession.


Notably, inflation expectations rose to the highest level for the year. This may help explain the increased pessimism in the economic and financial outlook. This is the first time since November 2022 (when inflation expectations peaked at 6.8%) that inflation expectations have increased for three weeks in a row. Higher petrol prices may be contributing to this rise in inflation expectations.”


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