Consumer confidence: highest since February

Consumer confidence increased 4.4pts, the four-week moving average was up 1.6pts.

Among the mainland states, confidence rose in NSW, Victoria, Queensland, and WA, but fell in SA.

‘Weekly inflation expectations’ fell 0.6ppt to 5.0%, while the four-week moving average declined to 5.4% from 5.5%.

All the confidence subindices registered gains. ‘Current financial conditions’ jumped 9pts and ‘future financial conditions’ were up 3.0pts.

‘Current economic conditions’ rose 3.4pts and ‘future economic conditions’ gained 5.4pts.

The ‘time to buy a major household item’ increased slightly by 1.6pts after an 8.7pts decline in the week before.

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ANZ Senior Economist, Adelaide Timbrell said: “Homeowners seem to be buoyed by rising home prices and the stable cash rate after the RBA left the cash rate on hold last week. ANZ-Roy Morgan Australian Consumer Confidence rose to its highest since February 2023 driven by stronger confidence among homeowners (both indebted and outright owners). Inflation expectations are at their second-lowest result in six months, and confidence about the economy has improved markedly.

Economic confidence about the coming year hit its second-highest level since February and confidence about the economy over the five-year horizon hit its best result since March. But a large share of households still do not think it is a good time to buy a household item, despite seasonal discounting.”

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