Consumer confidence: six-month high
• Consumer confidence rose 5.9pts last week to 84.4pts. The four-week moving average rose 1.0pts to 80.8pts.
• ‘Weekly inflation expectations’ fell 0.1ppt to 5.0%, while the four-week moving average rose 0.1ppt to 5.1%.
• ‘Current financial conditions’ (over last year) increased 5.7pts, while ‘future financial conditions’ (next 12 months) rose 5.3pts.
• ‘Short-term economic confidence’ (next 12 months) lifted 7.6pts and ‘medium-term economic confidence’ (next five years) increased 5.3pts.
• The ‘time to buy a major household item’ subindex rose 5.2pts.
ANZ Economist, Madeline Dunk said: “ANZ-Roy Morgan Australian Consumer Confidence recorded its largest weekly rise since April 2021, jumping 5.9pts to hit a six-month high. The improvement in confidence was broad-based, with each of the subindices increasing by at least 5pts. Notably, households’ confidence in their current financial situation was the second highest since early-2023.
This suggests households may be starting to see a boost to their incomes from the Stage 3 tax cuts and other cost-of-living relief measures. The next few weeks will be important in determining whether this is the start of a sustained recovery in consumer confidence.”