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Consumer confidence: virtually unchanged

•Consumer confidence rose 0.2pts last week. The four-week moving average was down 0.4pts.


•‘Weekly inflation expectations’ increased 0.3ppt to 5.2%, while the four-week moving average was unchanged at 5.0%.


•‘Current financial conditions’ gained 2.5pts. ‘Future financial conditions’ were up 2.8pts rising above the neutral 100-level.


•‘Short term economic confidence’ (about the economic outlook over the next 12 months) declined 3.4pts. ‘Medium term economic confidence’ (about the economic outlook over the next five years) dropped 3.2pts.


•The ‘time to buy a major household item’ subindex increased 2.6pts.

ANZ Senior Economist, Adelaide Timbrell said: “ANZ-Roy Morgan Australian Consumer Confidence was practically unchanged last week and is still running above all weekly results in 2023 after the 5th February.


Confidence in both the short-and medium-term economic outlook declined sharply after news that the unemployment rate rose to a two-year high of 4.1% in January, but both were still above their respective 2023 averages. Confidence about household financial conditions offset the weekly drop in economic confidence despite an increase in inflation expectations.”


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