The ANZ-Roy Morgan Australian Consumer Confidence index has experienced a notable rise, climbing back above 80 to 80.3 points last week, nearly erasing the drop from the previous week.
“ANZ-Roy Morgan Australian Consumer Confidence rose back above 80 last week, nearly reversing the previous week’s drop,” said Catherine Birch (pictured above), ANZ senior economist.
“Confidence in both personal finances and economic conditions over the next 12 months drove the rebound, jumping 9.9pts and 5.4pts, respectively.”
The resurgence in confidence was not uniform across all demographics.
Homeowners who own their properties outright and those who are still paying off their homes saw an increase in confidence. Conversely, renters experienced a decline, marking the first time in six weeks that their confidence was lower than those holding mortgages.
While the overall weekly inflation expectations remained stable at 4.9%, the survey highlighted mixed feelings about financial situations.
The index for current financial conditions saw a slight decrease by 0.3 points, yet future financial conditions surged by 9.9 points, reaching a 12-week high after hitting a 6-month low the previous week.
Additionally, short-term economic confidence looking ahead to the next 12 months rose by 5.4 points, and medium-term economic confidence over the next five years increased by 1.1 points.
The survey also showed a slight improvement in consumer readiness to purchase major household items, with the time to buy a major household item sub-index rising by 0.7 points. This uptick suggests a cautious but growing willingness among Australian consumers to engage in larger-scale spending despite ongoing economic uncertainties.
Click here to read the ANZ-Roy Morgan Australian Consumer Confidence report. Compare the latest figures with the previous results.
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