Consumer confidence: slight rebound

• Consumer confidence increased by 2.6pts. Among the mainland states, confidence rose in NSW, Victoria, Queensland and WA, while it fell in SA.

• ‘Weekly inflation expectations’ fell 0.2ppt to 5.4%. Its four-week moving average fell from 5.7% to 5.6%.

• ‘Current financial conditions’ jumped 6.7pts more than offsetting the 5.7pt fall the week before. ‘Future financial conditions’ bounced back above 90 with a 4.9pt increase.

• ‘Current economic conditions’ increased 2.9pts. ‘Future economic conditions’ fell 1.6pts partially offsetting the 2.1pts rise the week before.

• ‘Time to buy a major household item’ gained 0.7pts.

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ANZ Senior Economist Adelaide Timbrell said: “ANZ-Roy Morgan Australian Consumer Confidence rose last week, mostly due to an increase in renter confidence. Among the housing cohorts, confidence jumped 7.9pts for those renting, perhaps due to discourse around rent increases slowing as rate increases slow, or potential rental policy changes. It rose slightly by 0.9pts for those paying off their homes, while it softened 0.7pts for those who own their homes outright.

“The average confidence level was at its highest since the first week of June but has now stayed below the 80 mark for 21 weeks – one week shy of the record in the 1990–91 recession.”

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