Consumer confidence continued to hold steady as it was virtually unchanged with a 0.1 point rise last week, according to a report by ANZ.
In the latest ANZ-Roy Morgan Australian Consumer Confidence report, it was found that the consumer confidence level was currently at 80.4 pts, with the four-week moving average also rising by only 0.1 pt to 79.6 pts.
Meanwhile, the weekly inflation expectations have fallen by 0.1 ppt to 4.8%. This kept the four-week moving average at 4.9% while the current financial conditions over last year saw a 1.8 pt rise as the future financial conditions in the next 12 months saw a decrease by 6.2 pts.
Short-term economic confidence in the next 12 months slightly fell by 0.1 pts while medium-term economic confidence within the next five years saw a softening of 0.6 pts. The time to buy a major household item subindex saw an increase by 5.2 pts.
“The RBA’s decision to keep the cash rate on hold did not shift ANZ-Roy Morgan Australian Consumer Confidence last week. The index remained relatively stable, at a very low 80.4pts. Households remain apprehensive about their own financial situation over the next year, with the subindex declining 6.2pts last week and the four-week moving average falling to a 2024 low,” said Madeline Dunk, an economist from ANZ.
“However, the time to buy a major household item subindex rose 5.2pts to its highest level since late January. This may be linked to the ramp up of end-of-financial year sales events as retailers try and entice households to spend.”
In the previous iteration of the weekly report, the consumer confidence index was at 80.3 while confidence in personal finances and economic conditions over the next 12 months rose by 9.9 pts and 5.4 pts, respectively.
The report ANZ-Roy Morgan Australian Consumer Confidence Rating is based on 1,502 interviews that were conducted online as well as over the phone.
