Consumer confidence: small bounce

• Consumer confidence rose 1.5pts last week to 83.5pts. The four-week moving average increased 0.3pts to 83.6pts.
• ‘Weekly inflation expectations’ rose 0.3ppt to 4.9%, while the four-week moving average was up 0.1ppt at 4.8%.
• ‘Current financial conditions’ (over the last year) increased 7.1pts, while ‘future financial conditions’ (next 12 months) rose 3.2pts.
• ‘Short-term economic confidence’ (next 12 months) lifted 0.1pts and ‘medium-term economic confidence’ (next five years) declined by 2.6pts.
• The ‘time to buy a major household item’ subindex eased 0.1pts.

ANZ Economist, Sophia Angala, commented: “ANZ-Roy Morgan Australian Consumer Confidence rose 1.5pts last week, reversing some of the previous week’s decline. Confidence has remained within the tight range of 81.3-84.9 since mid-July. Last week’s rise was driven by an improvement in household confidence in financial conditions.

Confidence in current finances lifted 7.1pts, the equal-largest weekly rise since late 2023, although this was a rebound from the 6.7pt drop the previous week. Confidence in future finances rose further into ‘positive’ territory (above 100), up 3.2pts to 104.6, the highest level since January 2023.Across housing cohorts, confidence amongst outright homeowners and renters rose 1.9pts and 5.9pts respectively, while confidence among those paying off their own homes fell 2.2pts.”

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