Consumer confidence: renters feeling more confident
• Consumer confidence eased 0.4pts last week to 82.6pts. The four-week moving average fell 0.1pts to 82.7pts.
• ‘Weekly inflation expectations’ rose 0.1pts to 4.8 per cent, while the four-week moving average fell to 4.9 per cent from 5.0 per cent.
• ‘Current financial conditions’ (over the last year) declined 1.5pts, while ‘future financial conditions’ (next 12 months) dropped 1.0pts.
• ‘Short-term economic confidence’ (next 12 months) eased 0.8pts and ‘medium-term economic confidence’ (next five years) declined 1.4pts.
• The ‘time to buy a major household item’ subindex rose 2.6pts after the previous week’s 6.0pt fall.
ANZ Economist, Madeline Dunk said: “ANZ-Roy Morgan Australian Consumer Confidence was relatively steady last week, falling just 0.4pts. The economic and financial conditions subindices declined, although this was partly offset by a lift in the ‘time to buy a major household item’ measure. Inflation expectations inched up just 0.1pts in the week to 4.8% after falling to a 2.5-year low the week before.
“Since the start of July there has been a steady move higher in ANZ-Roy Morgan Consumer Confidence amongst renters, and the four-week moving average is at its highest level since March 2023. Confidence amongst renters is once again higher than it is for those paying off a home loan.”