Consumer confidence in Australia rose by 4.6 points over the past fortnight, according to the latest ANZ-Roy Morgan survey.
Despite a slight decrease of 1.3 points last week, the four-week moving average climbed 0.4 points to 81.3 points, indicating a general uptick in sentiment.
“The fact that consumer confidence held onto most of last week’s sizeable 5.9-point gain suggests households may be seeing the benefits of the Stage 3 tax cuts,” said ANZ economist Madeline Dunk (pictured above).
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Weekly inflation expectations remained steady at 5%, with the four-week moving average also at 5%. This stability suggests that consumers are not anticipating significant price increases in the near term.
Current financial conditions over the past year saw a slight drop of 0.6 points, while future financial conditions for the next 12 months improved by 0.5 points.
Short-term economic confidence for the next 12 months fell by 4.4 points, and medium-term economic confidence for the next five years dropped by 0.9 points.
The time to buy a major household item sub-index decreased by 1.1 points, suggesting some hesitation in making significant purchases.
Households’ confidence in their financial situation has notably improved.
“Relative to two weeks ago, households’ confidence in their current financial position has risen 5.1 points, while confidence in their financial position in a year’s time is up 5.8 points,” Dunk said.
This increase is most pronounced among those who own their homes outright (+6.8 points), followed by renters (+3.1 points) and those paying off a mortgage (+1.6 points).
Compare the latest figures to the previous week’s.
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