Consumer confidence: steady
• Consumer confidence was virtually unchanged, rising just 0.1pts last week to 80.4pts. The four-week moving average rose 0.1pts to 79.6 pts.
• ‘Weekly inflation expectations’ fell 0.1ppt to 4.8%, keeping the four-week moving average unchanged at 4.9%.
• ‘Current financial conditions’ (over last year) rose 1.8pts, while ‘future financial conditions’ (next 12 months) dropped 6.2pts.
• ‘Short-term economic confidence’ (next 12 months) fell slightly by 0.1pts and ‘medium-term economic confidence’ (next five years) softened 0.6pts.
• The ‘time to buy a major household item’ subindex increased 5.2pts.
ANZ Economist, Madeline Dunk said: "The RBA’s decision to keep the cash rate on hold did not shift ANZ-Roy Morgan Australian Consumer Confidence last week. The index remained relatively stable, at a very low 80.4pts. Households remain apprehensive about their own financial situation over the next year, with the subindex declining 6.2pts last week and the four-week moving average falling to a 2024 low.
However, the time to buy a major household item subindex rose 5.2pts to its highest level since late January. This may be linked to the ramp up of end-of-financial year sales events as retailers try and entice households to spend."