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Consumer confidence: persistent weakness

• Consumer confidence decreased 0.6pts to 80.5pts. The four-week moving average fell 0.3pts to 81.4pts.


• ‘Weekly inflation expectations’ fell 0.3ppt to 5.0%, while the four-week moving average was down 0.1 ppt to 5.1%.


• ‘Current financial conditions’ (over last year) increased by 1.4pts and ‘future financial conditions’ (next 12 months) rose 2.1pts.


• ‘Short term economic confidence’ (next 12 months) fell 1.1pts and ‘Medium term economic confidence’ (next five years) decreased 3.3pts.


• The ‘time to buy a major household item’ subindex was down 1.9pts.

ANZ Economist, Madeline Dunk said: “ANZ-Roy Morgan Consumer Confidence declined 0.6pts last week and the four-week moving average fell to its lowest level since early January. The weakness in confidence may have been influenced by discussion that the RBA could raise rates this year or that rate cuts maybe delayed. Households’ assessment of the economic outlook has softened throughout the year.


Confidence in the 12-month outlook for the economy declined to its lowest level this year, and confidence in the five-year outlook recorded its second lowest reading since December.”



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