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Consumer confidence hits 2024 low

Consumer confidence fell 2.2 points last week. The four-week moving average declined 0.7 points.


‘Weekly inflation expectations’ decreased 0.2 percentage point to 4.9 per cent, while the four-week moving average was unchanged at 5.0 per cent.


All the confidence subindices registered declines. ‘Current financial conditions’ dropped 3.9 points. ‘Future financial conditions’ decreased 2.2 points, falling below the neutral 100 level.


‘Short-term economic confidence’ (about the economic outlook over the next 12 months) fell 1.6 points. ‘Medium-term economic confidence’ (about the economic outlook over the next five years) was down 2.2 points.


The ‘time to buy a major household item’ subindex softened 1.3 points.

"ANZ-Roy Morgan Australian Consumer Confidence fell to its lowest level this year so far last week," ANZ Senior Economist Adelaide Timbrell said.


"Weak retail sales results may have dampened optimism about the future of the economy, while the monthly consumer price index indicator, which came in lower than expected at 3.4 per cent year on year, may have influenced the moderation in inflation expectations.


"Inflation expectations fell back to their equal-lowest result since early February 2022. This has occurred three times, once in September 2023 and twice in February 2024.


"Confidence among those paying off their homes is still trending up, but renter and outright owner confidence is down."


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