Consumer confidence: back at 2024 low
• Consumer confidence decreased 1.8pts to 80.2pts last week. The four-week moving average fell 0.2pts to 80.7pts.
• ‘Weekly inflation expectations’ rose 0.1pts to 4.9%, while the four-week moving average was down 0.1pts to 4.9%.
• ‘Current financial conditions’ (over last year) increased slightly by 0.1pts, while ‘future financial conditions’ (next 12 months) declined 4.1pts.
• ‘Short term economic confidence’ (next 12 months) fell 5.4pts and ‘medium term economic confidence’ (next five years) increased by 1.0pt.
•The ‘time to buy a major household item’ subindex softened 0.7pts.
ANZ Economist, Madeline Dunk said: “ANZ-Roy Morgan Australian Consumer Confidence was unable to hold onto the prior week’s gains, with the series falling 1.8pts last week. This takes the level of confidence back to a 2024 low of 80.2pts. While confidence is currently running modestly higher than the series’ 2023 average of 78.0pts, it is more than 30pts below the long-run average.
Household confidence in the 12-month outlook for the economy declined by 5.4pts–the largest weekly fall since February 2023. Short term economic confidence is now at its lowest level for 2024. Households were also more wary about the 12-month outlook for their finances, with the subindex falling 4.1pts.”