Consumer confidence pulls back

Consumer confidence declined 1.1 points last week to 86.4 points, after last week’s 4.1 point lift. The four-week moving average increased 1.1 points to 85.2 points.

Weekly inflation expectations rose 0.1 percentage point to 4.6 per cent, while the four-week moving average remained steady at 4.7 per cent. That averages up 4.4 points over the last four weeks.

Current financial conditions (over the last year) eased 0.7 points and ‘future financial conditions’ (next 12 months) declined 3.1 points.

Short-term economic confidence (next 12 months) rose 0.6 points, while ‘medium-term economic confidence’ (next five years) fell 0.5 points.

The ‘time to buy a major household item’ subindex dropped 2.1 points.

"Consumer confidence is up 3.0 points over the past fortnight. The series’ four-week moving average is at a 20-month high," ANZ Economist, Madeline Dunk said.

"On a four-week moving average basis, household confidence in current and future financial conditions is at its highest level since the first quarter in 2023. The future financial conditions metric remains the only sub-index sitting in positive territory (above 100).

"Since the end of June, ANZ-Roy Morgan Australian Consumer Confidence has increased most for renters, followed by those who own their home outright. While households paying off a mortgage also reported an increase in confidence, it has been more subdued than the other two groups.

"The four-week moving average of confidence amongst renters is at its highest level since March 2023".

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