• Consumer confidence rose 0.9pts last week to 81.3pts. The four-week moving average was up 0.2pts to 79.8pts.
• ‘Weekly inflation expectations’ rose 0.4pts to 5.2%, while the four-week moving average increased 0.1pts but remained at a (rounded) 4.9%.
• ‘Current financial conditions’ (over last year) rose 3.1pts and ‘future financial conditions’ (next 12 months) increased 0.3pts.
• ‘Short-term economic confidence’ (next 12 months) fell 2.3pts, while ‘medium-term economic confidence’ (next five years) rose 1.2pts.
• The ‘time to buy a major household item’ subindex increased 2.2pts.
ANZ Economist, Madeline Dunk said: “ANZ-Roy Morgan Australian Consumer Confidence increased 0.9pts last week. Notably, inflation expectations recorded their largest weekly increase in nine months following the stronger than expected monthly CPI result. As a result, inflation expectations are sitting at a two-month high of 5.2%.
The ‘time to buy a major household item’ subindex rose for the third week in a row and is up 7.9pts over the last month. This may be linked to end-of-financial year sales, which began in early June as retailers try to attract price-sensitive householders to purchase discounted products.”
